Cowrywise, a wealthtech startup based in Lagos, reports having raised a US$3 million Pre-Series A funding round led by Quona Capital, seeing participation from Sahil Lavingia, Tsadik Foundation and a syndicate of Nigerian angels also. News suggests, this is actually Quona’s first investment in Nigeria as they show a belief in the investment worthiness of the Nigerian startup ecosystem.
Cowryrise sees this round of funding as strengthening their vision of making wealth management accessible to every Nigerian and moves the startup company a step closer to its medium-term pan-African ambition.
They shared that this meant a lot to them, to have the support of top investors who shared their vision of democratising access to savings and investment products to many in the country.
According to Johan Bosini, a partner at Quona Capital on how their visions aligned,
“Razaq, Edward and the Cowrywise team are providing everyday Nigerians with easy access to powerful and flexible wealth-generating tools that have typically been reserved for people who are already wealthy.”
He aIso added that, in a market of 200 million people, it is very impactful for the people to have enough control over their financial future. Describing it a wealthtech space and the impact it can have in Nigeria in particular.
Cowrywise platform mainly provides solution to the problem of access by using a combination of free wealth advisory and consumer education matched with savings and investment offerings that can advance financial inclusion.
This latest round of funding is going to enable them, they say, expand product offerings, build newer investment management infrastructure, onboard more fund managers based in Nigeria, broaden financial education program and continue to hire top talents.
In welcoming their latest investment partners, they still acknowledge those who have been with them until now, especially their esteemed customers, the talented team at Cowrywise and early backers including, Microtraction, who brought them to the world-view-changing experience at Y Combinator and Catalyst Fund.
There is a special mention of Cowrywise getting a sense of its market-creating opportunity for the product during Office Hours with Aaron Harris, a partner at Y Combinator. He is noted for saying, ‘Razaq, you have the opportunity to create the market’ was his response to the obvious challenge of how possibly small and underserved the Nigerian market has been.
For the wealthtech company, Cowrywise,
“It is a privilege to be connected to a network of global investors supporting an amazing pool of innovators around the world. Cowrywise is leveraging that vantage position to solve local problems with the potential to create value that transcends generations for millions of Nigerians and Africans.”
Curacel: Insurtech Startup Secures $450K Pre-seed Funding Led by Atlantica Ventures & Consonance
The insurtech startup, Curacel, an AI-powered platform for claims processing and fraud management in Africa, reports that it has raised $450,000 pre-seed funding in a round that was led by Atlantica Ventures and Consonance with participation from Kepple Ventures and other African angel investors.
The insurtech startup already works with some of the biggest insurers on the continent, including AXA Mansard, Liberty Health and Old Mutual, as well as more than 800 hospitals in Nigeria, Ghana, and Uganda. It plans to expand into 10 new African countries by the end of 2021.
Every year, African insurers lose more than $12 billion to fraudulent, wasteful, and abusive claims. Curacel’s flagship CLAIMS platform acts as a bridge between primary care hospitals and Africa’s insurance companies, using advanced artificial intelligence to ensure that insurance companies only pay claims for the correct treatment, appropriate medications and recommended patient therapies.
Curacel is also scheduled to launch Curacel Capital, a cash advance product that makes it easier for healthcare providers to access working capital to mitigate financial challenges. Delayed payments and other inefficiencies in the payment process means many African healthcare providers often have to make the difficult choice between keeping the books balanced or providing healthcare at a loss. With Curacel Capital, healthcare providers can access lump sums of up to three times their average monthly billings, based on claims processed on the Curacel portal, ensuring that they can continue to deliver essential services without undue disruption.
With insurance penetration at just 2.8% across the continent, many Africans are one accident or health emergency away from poverty. And in Africa’s communal societies, tragedy impacts entire communities, with people emptying their savings to pay for medical expenses, burials or other disaster relief for family members and kin. By leveraging Curacel’s products and services, insurers across the continent are better equipped to close the insurance gap and safeguard prosperity.
According to Curacel Co-founder and CEO, Henry Mascot, in a press statement said,
“We are excited to have these investors on board and we are looking forward to partnering with them to drive our vision of improving insurance inclusion across Africa.”
At Curacel he shares, they are uniquely positioned to safeguard livelihoods and increase the quality of life through their unique, market-leading products and services.
IK Kanu, Partner at Atlantica Ventures noted that,
“The African insurance market represents a significant growth opportunity and we are delighted to be partnering with Curacel to drive growth in this sector. There is an opportunity to create an entirely new market of products and services here and we look forward to supporting the team to improve health outcomes across the continent.”
Finally, Mobolaji Adeoye, the Managing Partner at Consonance adds that they believe the Curacel team has what it takes to be market leaders and are therefore excited to support them. Also stressing that they have a great product and equally delighted to be coming onboard at this early stage of their growth.
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