#WealthTech / Nigerian wealthtech Cowrywise raises $3m

The digital wealth management and financial planning solutions platform aims to digitise investment management for Africans and enable access to savings and investment products securely.

Cowrywise was co-founded by Ahmed Razaq CEO and Edward Popoola chief technology officer (CTO). The pair came up with the idea to found the fintech in 2017, after noticing that existing investment management firms only focused on catering to the top 1%, leaving millions of Nigerians neglected.

Together, they aimed to democratise Nigerians’ access to savings and investment products to both the growing middle class and millennial populations.

“Wealth management had been strange to many Nigerians because the existing players were not built for the mass market,” Ahmed tells TechCrunch. “That has always been a problem we felt required a solution.”

For this reason, both founders dedicated the company’s mission to leveraging the telecom industry’s reach in order to extend its investment products to its large consumer base.