Kwara, a Kenyan fintech digitizing credit unions (saccos), more than doubled its client base last year, and its eyeing enormous growth in the coming years after raising a $3 million seed extension, and signing an exclusive digital solutions distribution agreement with the Kenya Union of Savings & Credit Cooperatives (Kuscco), the national umbrella body representing saccos.
Following the Kuscco partnership, Kwara gains connections to a pool of over 4,000 saccos for its banking-as-a-service product. As part of the exclusive deal, Kwara is also set to acquire Kuscco’s subsidiary IRNET, a software company and provider for saccos, for an undisclosed amount.
Kwara says the Kuscco deal comes at the right time in its plan to double down on Kenya.
“We think we’ve barely scratched the surface in the Kenyan market. And so, we are just going to be really investing in products and services that deepen our relationship here,” Kwara co-founder and CEO, Cynthia Wandia told TechCrunch.
“The rationale (of the deal) is clear, first it is an opportunity to…