Nigeria-based Cowrywise said to raise $3m in its pre-Series A round

Nigerian FinTech company Cowrywise has reportedly raised $3m in its pre-Series A round, which was led by Quona Capital.

Other participants of the round include Tsadik Foundation, Gumroad CEO Sahil Lavingia and a group of angel backers, according to a report from TechCrunch.

Funds will be used to help Cowrywise to expand its product offering, help more fund managers in Nigeria and enhance its investing infrastructure.

The mobile app provides consumers with a tool to plan, save and invest their money. Through the app, a user can plan for their future and the various milestones along the way, such as housing, education, family and retirement.

To help build money, the app supports their savings efforts with advice and goals. Finally, the platform enables them to back mutual funds that are tailored to the user and their financial position.

Prior to this round, the company has raised a total of $500,000 through equity and grants.

Late last year, Nigerian challenger bank Kuda Bank reportedly raised $10m in its seed round, which was led by Target Global.

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