Kenyan fintech company Kwara, helping turn traditional savings cooperatives into modern digital banks, has acquired IRNET Coop Kenya Ltd.
This software company is a subsidiary of the Kenya Union of Savings and Credit Cooperatives (KUSCCO LTD).
Kwara has also entered into an exclusive digital solutions partnership agreement with KUSCCO LTD, Kenya’s umbrella body of savings and credit cooperatives (SACCOs).
Under the agreement, Kwara will offer its software solutions and mobile banking channels to rapidly increase the growth and profitability of more than 4,000 SACCOs in Kenya.
Cynthia Wandia, co-founder and CEO of Kwara, stated that the startup had worked closely with KUSCCO LTD for the last four years to digitize Kenya’s SACCO sector.
“This partnership through acquisition enables us to place fully digital and secure technology in the hands of all SACCO members in the fastest possible time, backed by the most established SACCO partner in Kenya,” said Cynthia Wandia.
Kwara connects savings cooperatives with banks, payment gateways, and other third parties through an open API.
In December 2021, Kwara raised $4 million in a seed round with the participation of Breega VC firm, SoftBank Vision Fund Emerge, Finca Ventures, New General Market Partners, Globivest, Do Good Invest, Rabacap, Launch Africa, Norrsken Impact Accelerator, Future Africa, Samurai Incubate, DOB Equity, and fintech angels.
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