Kwaba, a Nigerian fintech startup that helps low and middle-income earners divide their annual rent into manageable monthly installments, has obtained a pre-seed round of funding to help it expand across Nigeria and Africa.
Obinna Molokwu founded Kwaba in January 2020 as a digital platform that facilitates home payment for Africans. It is aimed at Nigerians who want to pay rent in a modern fashion that represents their financial reality.
The firm also provides services such as apartment search, rapid funding at low interest rates, and additional credit facilities for property purchases. Over the last year, Kwaba received NGN115 billion in rent payment demands from over 30,000 consumers. Its smartphone app, which was introduced in August 2021, has around 2,000 downloads.
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Kwaba has acquired an undisclosed amount of pre-seed money from Co-Creation Hub (CcHub) and other investors, after an investment from Ingressive Capital in 2020. In the same year, it participated in the LABS by ARM accelerator, receiving an additional US$20,000 in funding. Kwaba intends to expand across Nigeria and Africa with this round in order to provide more individuals with access to their solution.
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“Kwaba is bridging the gap between real estate and finance. We understand the economic realities of Nigerian tenants and designed our product accordingly. As we expand, we hope to increase renters’ financial well-being. This additional investment comes at a critical juncture in our efforts to strategically reposition and extend our services “Molukwu stated.
Charles Rapulu Udoh
Charles Rapulu Udoh is a Lagos-based lawyer, who has several years of experience working in Africa’s burgeoning tech startup industry. He has closed multi-million dollar deals bordering on venture capital, private equity, intellectual property (trademark, patent or design, etc.), mergers and acquisitions, in countries such as in the Delaware, New York, UK, Singapore, British Virgin Islands, South Africa, Nigeria etc. He’s also a corporate governance and cross-border data privacy and tax expert.
As an award-winning writer and researcher, he is passionate about telling the African startup story, and is one of the continent’s pioneers in this regard. You can book a session and speak with him using the link: https://insightsbyexperts.com/view_expert/charles-rapulu-udoh