Company Research Report: Cowrywise Financial Technology Limited
Company Overview
- Name: Cowrywise Financial Technology Limited
- Mission: Digitizing wealth management for Africans by building savings and investment culture among the growing population of underserved African middle class and millennials.
- Founded By: No information is available
- Key People: No information is available
- Nigeria: 5C Reverend Ogunbiyi Street, Ikeja GRA, Lagos Nigeria.
- United States: 2261 Market Street #4817 San Francisco, CA 94114
- Number of Employees: No information is available
- Revenue: No information is available
- Providing a digital-first wealth management platform.
- Licensed fund manager by the Securities and Exchange Commission (SEC) of Nigeria.
- Building a dominant platform for savings and investments targeting the underserved African middle class and millennials.
Products
1. Saving Plans
- Description: Automated savings plans tailored to individual financial goals.
- Allows for setting a savings target.
- Ability to lock funds until the end of the savings period.
- Option of automated halal savings.
2. Investment Plans
- Description: Plans that match users with mutual funds managed by professional fund managers.
- Diverse investment options.
- Professionally managed mutual funds.
- All investments are in compliance with SEC regulations.
3. Mutual Funds
- Description: Collection of professionally managed mutual funds available to clients through web and mobile applications.
- Funds held with licensed custodian Zenith Nominees Limited.
- Compliance with regulatory obligations.
- Potential for higher returns compared to traditional savings accounts.
4. Duo
- Description: No information is available
- Key Features: No information is available
5. Embed API
- Description: API solutions for integrating Cowrywise’s services into third-party applications.
- Seamless wealth management solutions.
- Access to diverse mutual fund options.
- Secure transactions and data protection.
6. Sprout
- Description: Corporate treasury management system aimed at businesses.
- Modern corporate treasury management.
- Ensures growth and optimal management of assets.
7. Circles
- Description: Group savings and investment plans.
- Enables collaborative savings among friends or family members.
- Facilitates accountability and collective financial goals.
8. Halal
- Description: Ethical savings and investment options compliant with Islamic finance principles.
- Compliance with Sharia law.
Recent Developments
- Sprout: Modern corporate treasury for businesses.
- Triggers: A feature to build wealth through routine activities (details about this could be found in their public updates).
- New Features Added to Existing Products:
- Smart Payment: Introduced as a new way for smart investors to stay on track.
- In May 2020, Cowrywise became part of the Catalyst Fund portfolio, backed by JP Morgan and UK Aid.
- In July 2018, Cowrywise was accepted into Y Combinator’s summer 2018 batch, an esteemed global startup accelerator.
- Microtraction Investment:
- In June 2018, Microtraction announced its investment in Cowrywise.
Press Features
- TECHCABAL (June 2021): Cowrywise secures SEC Fund Manager License.
- TECHCRUNCH (January 2021): Raised $3M pre-Series A funding to scale its wealth management platform.
- J.P. MORGAN & CHASE (May 2020): Highlighted for financial inclusion advancements in emerging markets via the Catalyst Fund.
- BLOOMBERG (January 2020): Cowrywise joins Catalyst Fund's portfolio.
- INC (December 2018): Featured as one of "50 world-changing startups to watch in 2019".
- TECHPOINT (June 2018): Microtraction invests in Cowrywise.
- THE GUARDIAN (August 2017): Feature on democratizing wealth management in Nigeria.
- DISRUPT AFRICA (August 2017): Launch of Cowrywise’s digital savings platform.
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