Y Combinator Is Investing In Nigerian Saving StartUp, CowryWise

Some time ago, PiggyBbankNg, a Nigeria Saving StartUp raised over a million US dollars as funds, now their direct competitor, CowryWise has also secured investment from Y Combinator. As a user of CowryWise, I got this mail from them announcing the good news.

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Hi Lawrence,

Eleven months ago, we launched CowryWise, a platform that makes it easy for people to automate their savings and investment towards meeting their financial goals. It’s been an incredible journey. We’ve spoken with thousands of our customers who keep teaching us how best to serve them. We have learnt a lot and we keep refining our knowledge of what our customers want and need. In all, we remain committed to our vision of democratizing access to wealth management services for everyone.

Today, we are happy to officially announce our selection into the 2018 Summer Batch of Y Combinator in California, USA. Y Combinator is one of the world’s most valuable accelerators having invested in top startups across the world including Dropbox, AirBnB, Stripe, Zenefit, Quora among others. Our selection is a validation of our commitment to creating and delivering value to our customers. Hence, Y Combinator’s investment is an investment in YOU.

What this means

Well, in simple terms Y Combinator is investing money in CowryWise. This means we will have more resources to serve you, our customers. These resources will be channeled to building more tools and resources that will help our customers plan, save and invest to reach their financial goals.

Key milestones and update!

  • Can you keep a secret? We are happy to inform you that since we launched, we’ve been able to process $1.5M in savings for thousands of our users. Our goal is to reach multiple of that before the end of 2018. Oh yeah, we’ve learnt a thing or two from our users on how to create really big goals.
  • We have harmonized all the interest rates on all our plans. This means for new periodic plans, you can now earn up to 15% per annum. This requires a minimum lock in period of 3 months. You can set your lock in period for as far as you want. To opt in as an existing plan owner, all you need do is tap on the “Lock Plan” option on the plan you intend to lock and set your withdrawal date. The longer the duration you choose, the higher the interest rate.
  • We have made remarkable feature updates to both the mobile app and web app. These include Life Goals, Inter-plan transfer, updated dashboard and “Invest In Friend” program which we will roll out in few days.
  • Our iOS App is being worked on day and night. It will be launched in due time. Please bear with us pray.

What is Next?

Tell your friends about CowryWise. Wouldn’t you like to be part of their saving and investment success? Get them to download the App or sign up on the website. It is the best investment you can give them and us.

Yours truly,
Razaq Ahmed, CEO

CowryWise Mail Screenshoot

This is good news as Nigerian Startups are now getting the attention they truly deserve. Both PiggyBank and CowryWise invest in Bonds to yield returns for users.

You can join CowryWise Her.e

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