Cowrywise
“Can a SEC-licensed wealth platform become the embedded investing rail for African consumer and B2B apps?”
Founded2017
HQLagos, Nigeria
FoundersRazaq Ahmed, Edward Popoola
Total raised$3.5M+ (disclosed)
Latest roundPre-Series A, 2021
IndustryFintech / Investment
The story
Founded 2017 by ex-Meristem investment analyst Razaq Ahmed and Edward Popoola to bring mutual fund investing to Nigerian retail. Became the first SEC-licensed Nigerian fintech in fund/portfolio management. Evolved from a consumer savings app into a wealth platform spanning mutual funds, stocks (via CFTL Digital sub-broker license), and corporate treasury (Sprout), then launched Embed API in 2021 to distribute investment products through third-party apps — making Cowrywise itself an embedded-finance provider for African investing.
Product timeline
2017
Founded as a digital wealth management platform for everyday Nigerians· pivot
2019
Received SEC fund/portfolio manager license (#1940) — first Nigerian fintech to obtain this license· banking
2020
Participated in J.P. Morgan-backed Catalyst Fund cohort· banking
2021
Raised $3M pre-Series A led by Quona Capital· banking
2021
Launched Embed API — investment-as-a-service for developers· lending
2025
Partnered with Meristem to launch stocks/equities platform via CFTL Digital Services· banking
Regulated entities
Fund/Portfolio Manager
Nigeria (SEC) · 2019
Cowrywise Financial Technology Limited
Digital Sub-Broker
Nigeria (SEC)
CFTL Digital Services Limited
The stack
FX & payouts
Accounting gap: minor