The Kenyan fintech Kwara was launched in 2019 to help credit unions (savings and credit cooperatives societies, SACCOs) in the East African country shift to digital platforms by providing them with its proprietary Back-end-as-a-service (BaaS) software.
The startup’s trajectory has been steep, as its clientele shot up from two to 50 in just over two years. This is as it became clearer to the country’s cooperative credit-unions that they needed more technology to remain competitive.
Kwara is now moving a step further to build the next-generation neobank that will give credit-union members access to instant loans and third-party services such as insurance, as the start-up moves to offer end-to-end solutions to its clients.
The startup has raised $4 million in a seed round to build a neoba …
