Tech

Kenya’s fintech startup, Kwara, wraps up $3 million seed funding

Published

2 years ago

January 16, 2023

Kenyan fintech startup, Kwara, has announced raising $3 million funds to enable it extend its banking-as-a-service solution services beyond the eastern African region.

The new investment, according to Cynthia Wandia, Kwara CEO and founder, was led by its existing backers like DOB Equity, Globivest and the founder of Kobalt Music and new investors, African VCs.

With this acquisition, Kwara, a startup which digitizes Kenyan credit unions, will now offer its “solution and neobanking experience to Kenya’s” 4000+ credit unions to consolidate credit union banking as the preferred retail banking method in the country.

“We have spent the last three years uplifting the credit union sector in Kenya, becoming the leading core banking provider in Kenya. Our clients grow up to 4 times faster than other credit unions and serve members up to 100 times more efficiently,” Wandia said while announcing the new funding.

“This acquisition enables us to place a digital banking experience in the hands of every credit union in Kenya, together with the most established credit union partner in Kenya,” Wandia added.

According to her, Kwara’s mission is to “bring financial health to all, and strongly believes that credit unions or savings cooperatives are the fastest way to get there.”

“Our vision is to make a credit union account the primary account for 30 million people by 2025, and by 2032 to make credit union banking the standard for 1 billion people in 15 emerging markets,” she said.

Related Topics:#kwara Featured fintech Funding Kenya

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Tech

Kenya’s ticketing startup BuuPass partners Flexpay for flexible travel payments

Published

3 days ago

December 19, 2024

Isaac Dachen

Kenyan digital ticketing startup, BuuPass, has entered into a partnership with goal-based savings platform, Flexpay, to offer customers flexible payment plans ahead of holiday travels as well as simplify travel planning and ease the financial burden of holiday travel for Kenyans.

Co-founder and CEO at Buupass, Sonia Kabra, who unveiled the package at a press conference, said the collaboration between the two platforms will allow travellers to save for their journeys in manageable, interest-free installments over four to 12 weeks.

“Travelers can select their travel dates, book tickets, and pay a small deposit upfront, with the remaining balance spread across weekly or monthly payments,” she said.

“This approach offers a stress-free way for families and large groups to secure their tickets early, helping them avoid last-minute price hikes as fares are locked in.

“By partnering with Flexpay, we’re giving travelers the flexibility to budget for their trips in advance. This initiative aligns with our mission to make travel accessible to everyone, providing a solution that meets customers where they are financially,” said Kabra.

Also speaking at the event, Richard Machomba, CEO and founder of Flexpay, said:

“Flexpay’s mission is to empower individuals by providing accessible financial solutions that make it easier for them to achieve their financial goals.

“By partnering with BuuPass, we’re making travel more accessible and stress-free for Kenyans, especially during the holiday season when expenses can be overwhelming,” Machomba added.

Founded in 2016 by Kabra and Wyclife Omondi, BuuPass is a B2B2C mobility marketplace that enables users to search, compare, and book travel tickets via web, app, or USSD, while its SaaS platform helps bus operators manage their operations, inventory, and sales.

FlexPay, on the other hand, is an online and offline payment gateway that allows merchants to offer interest-free targeted savings to their customers in Africa.

Tech

DR Congo sues tech giant Apple over illegal mineral exploitation

Published

4 days ago

December 18, 2024

Isaac Dachen

The Democratic Republic of Congo (DRC), has filed a criminal case against the European subsidiaries of tech giant, Apple, accusing them of illegal mineral exploitation and allegedly using “blood minerals” in its supply chain.

In the suit filed on Tuesday, the DRC alleges that Apple has bought contraband supplies from the country’s conflict-ladden east and Rwanda, zones in which it allege the materials are mined illegally and then integrated into global supply chains before ending up in tech devices.

The DRC suit specifically mentioned Apple subsidiaries in France and Belgium, accusing the tech giant of using conflict minerals in its supply chain.

The DRC is a major source of tin, tantalum, and tungsten which are used in electronic devices, with some mines controlled by armed groups responsible for human rights violations.

International lawyers representing the African country’s government have accused Apple’s local subsidiaries of taking these minerals from conflict areas and laundering them through international supply chains, with one lawyer telling journalists that Belgium had a moral duty to act given its history of exploiting the country’s resources under colonial rule.

However, in its response, Apple claims it conducts supplier audits and does not directly source primary minerals.

https://www.thenews.com.pk/print/1262670-dr-congo-sues-apple-over-alleged-illegal-mineral-exploitation