Kwaba, a Nigerian fintech startup that helps low and middle-income earners split their annual rent into reasonable monthly installments, has secured pre-seed funding to help it expand across Nigeria and Africa.
“Kwaba is helping to bridge the gap between property and finance. We understand the economic reality of Nigerian renters and have built our product to reflect this. We aim to improve the financial well-being of renters as we grow. For us, this new investment comes at a time when we are looking to strategically reposition and expand our services,” said Molukwu.
After securing investment from Ingressive Capital in 2020, Kwaba has recently raised an undisclosed amount of pre-seed funding from Co-Creation Hub (CcHub) and other investors.
Kwaba, which was founded by Obinna Molokwu in January 2020 and is aimed at Nigerians wishing to pay rent in a modern method that represents their financial reality, is a digital platform that helps Africans with house payment.
The company also provides services such as apartment search, quick cash at low rates, and additional credit facilities for property purchases. Kwaba received NGN115 billion in rent payment requests from over 30,000 consumers in the last year. Its mobile app, which was launched in August 2021, has around 2,000 downloads.
It also participated in the LABS by ARM accelerator in the same year, receiving an extra US$20,000 in funding. Kwaba plans to expand across Nigeria and Africa with this round to provide more individuals with access to their solution.