CowryWise Profile – About, Employees, Net Worth, Founders, And All You Need To Know
Introduction
Cowrywise is an online savings platform. It is also a financial technology company that provides tools that enable users to manage their personal finances.
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About.
Cowrywise was founded by a former Investment Analyst, who worked at Vetiva Capital Management. His name is Razaq Ahmed and It was also co-founded by Edward Popoola in the year 2017. The financial service was created as a wealth management platform for young Africans.
Razaq Ahmed and Edward Popoola attended the same university but were not in the same department. Razaq studied Economics while Edward studied Computer Science. Edward Popoola’s brother was in the same department with Razaq Ahmed. Razaq and Edward met and worked together during Enactus.
It was a student competition that involved developing economic empowerment projects in different communities, then coming up with the impacts of such projects. The projects would then be presented to a panel of judges. The winning team at the national level would represent the country at a global level. After they graduated, Edward joined Interswitch Nigeria and Razaq began to work in an investment agency.
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Razaq and Edward began to come together after Razaq began to ask a lot of questions about investments and Nigerian Capital markets. The idea of Cowrywise began taking shape in 2008/2009 after the global financial crises.
Cowrywise Fintech Company was eventually launched in 2017 and has since grown. It has currently been funded by 3 investors which include Kairos, Y Combinator, and Microtraction. It launched its mobile app for android in 2018.
Location
Cowrywise Fintech Company has one office in Lagos State. It is located at 5 Rev.Ogunbiyi St, Ikeja GRA.
Their email address is hello@cowrywise.com and their phone number is +23409030000857.
Executives
- Razaq Ahmed – Chief Executive Officer and Co-founder ( Nigeria)
- Edward Popoola – Chief Technical Officer and Co-founder (Nigeria)
- Feyisayo Sonubi – Product Designer (Niger)
- Obi David – Senior Software Engineer (Niger)
- Adebiyi Oluwole – Freelance Web Designer (Nesconset, New York, United States)
- Enor Izomor – Customer Success Lead (Niger)
- Adebiyi Basirat – Product Specialist (Nigeria)
- Aisha Adekunle – Product Specialist (Niger)
- Yarmimara Ashama – Product Specialist (Nigeria)
- Babajide Mercy Oluwatosin – Campus Ambassador (Nigeria)
- James Popoola – Campus Ambassador (Nigeria)
- Oluwatoni Dokunmu – Campus Ambassador (Nigeria)
- Benstowe Destiny – Campus Ambassador (Nigeria)
- Joseph Oni – Campus Ambassador (Nigeria)
Employees
Cowrywise has over ninety-seven individuals under its employ.
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Funding rounds
Cowrywise has undertaken several funding rounds and they have raised about three hundred thousand Dollars from the rounds ($300,000). The last funding round was in January 2020.
In their first funding round, it was named Angel Round. The lead investor was Microtraction and they realized fifty thousand US Dollars ($50,000). It happened on the 14th of June 2018.
The next funding round happened on the 20th of August 2018. It was named the Seed round. The lead investor was the Y Combinator and they realized a hundred and twenty US Dollars ($120,000) from the funding round.
On the 18th of December 2018, another Seed funding round happened with Kairos as the lead investor and fifty thousand US Dollars ($50,000) was realized.
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K50 ventures, a New York-based company led another Seed funding round undergone by Cowrywise. The funds realized were not disclosed.
On January 1st, 2020, the Grant funding round happened and was led by Catalyst Fund. About eighty thousand US Dollars was realized from the funding round. The Grant funding round happens to be the most recent funding round that Cowrywise has undergone.
Net worth
The exact net worth of Cowrywise is not exactly known. They are however projected to be worth about five hundred thousand dollars ($500,000).
Growth
Cowrywise Fintech company has grown to a whopping sum of over seventeen thousand, eight hundred and eighty-three (17,883) users in Nigeria.
More information
Cowrywise has about twenty-seven active products currently and an active technology count of seventy. They can also boast of one hundred and three thousand, nine hundred and nine (103,909) visits every month. They are ranked two hundred and eighty-two thousand, nine hundred and sixty (282,960) among websites globally.
This ranking is based on its 103,909 monthly web visitors. They occupy the ranks as the one thousand, one hundred and sixty-ninth (1,169) site in Nigeria, with a monthly rank growth of 36.73%. In Canada, however, they rank five hundred and forty-seven thousand, nine hundred and six (547,906).
Some of the strengths of Cowrywise fintech company includes
Product design.
Users of the CowryWise App described it as seamless and easy to use.
User Engagement.
Cowrywise has built a relationship with its customers, unlike some other fintech startups. Using the Ope from Cowrywise bot, they have managed to integrate, financial advice, accountability, and trolling in one. Joseph Adafin, a Nigerian FinTech products critic says on Cowrywise’s user experience and engagement, “I guess they are doing much organically, without spending so much on influencers or other social media ‘see me’ campaigns. The real strength is the product and it is selling itself”.
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Other strengths they exude include Skilled workers and no fees. The company invested in quality staff that will bear the brunt of the work with ease and also exuding finesse while at it. Unlike Nigerian banks too, they have a zero-fee policy and this has made more Nigerians willing to save.
Some weaknesses the company exudes are
Unbalanced demographic.
The users of Cowrywise tend to be individuals of the younger generation. This is unbalanced as not every social demographic is represented.
Use of the internet.
Another weakness is the requirement of the internet for using or accessing Cowrywise products and services. This can cause a limitation to the growth of the company.
Conclusion
Cowrywise Fintech Company has been one of the flagbearers of financial services in Nigeria. They have gone a long way in educating the populace on the need to save, especially for the rainy day. They also have an active social media page that has remained engaging and has consistently offered financial advice. They certainly have more plans to move the finances of their customers to the next level. Find out more about Cowrywise here.
