There are strong arguments backing the prevalent trend of African fintech startups expanding operations from a product perspective, adding new verticals rather than moving into new geographies.
That is according to Johan Bosini, partner at fintech-focused VC firm Quona Capital, who was speaking on the latest episode of Disrupt Podcast in the wake of his company leading a US$3 million pre-Series A round for Nigerian startup Cowrywise, a digital wealth management and financial planning solution.
Bosini explained to the podcast why Quona Capital had been attracted to the startup in the first place.
“It is a business we’ve known for a while and it’s a category we really like. We think making wealth management available for everyday people in Nigeria is really interesting. We’ve seen this theme across multiple markets,” he said.