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

  • Headquarters:

  • 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

  • Known For:

  • 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.

  • Key Features:

  • 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.

  • Key Features:

  • 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.

  • Key Features:

  • 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.

  • Key Features:

  • 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.

  • Key Features:

  • Modern corporate treasury management.

  • Ensures growth and optimal management of assets.


7. Circles


  • Description: Group savings and investment plans.

  • Key Features:

  • 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.

  • Key Features:

  • No interest on savings.

  • Compliance with Sharia law.


Recent Developments



  • New Products Launched:

  • 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.


  • New Partnerships:

  • Catalyst Fund Inclusion:

  • In May 2020, Cowrywise became part of the Catalyst Fund portfolio, backed by JP Morgan and UK Aid.

  • Y Combinator Acceptance:

  • 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.