Nigerian fintech CowryWise joins Y Combinator

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Nigerian fintech startup CowryWise has been selected to participate in the Silicon Valley-based accelerator, Y Combinator’s Summer 2018 Batch. It will undertake an intensive three-month programme, receive US$120,000 in funding and access a wide network of entrepreneurs and mentors. The startup will take part in a demo day at the end of the programme.

CowryWise is a secure automated service that helps users save money and enjoy high returns from risk-free investments in Nigeria with zero fees. It has processed over US$1.5 million in savings for its customers to date.

The startup recently secured investment from Nigerian early-stage fund Microtraction.

CEO CowryWise, Razaq Ahmed, said the acceptance into the programme was a validation of the startup’s commitment to its customers while it focuses on its goal of bringing wealth management services to young Africans, irrespective of their income level.

CowryWise recently launched its “Life Goal” feature, which allows users to commit to long-term saving goals. The service is available to everyone through the CowryWise website and Android mobile app.