Kuda a full-service digital-only bank with a banking license has recently raised a funding round of $55 million at a valuation of $500 million.
The fintech startup is taking on incumbents in Nigeria with its personalized mobile platform built on an API-based infrastructure.
The Series B funding will be deployed into expanding its footprint into the African continent beyond Nigeria and as stated by Babs Ogundeyi, the CEO and Co-founder, Kuda wants to build a platform that is reimagining banking services for “ever African on the planet.”
“We’ve been doing a lot of resource deployment has been in our operational entity, in Nigeria. But now we are doubling down on expansion and the idea is to build a strong team for the expansion plans for Kuda,”
“We still see Nigeria as an important market and don’t want to be distracted so don’t want to disrupt those operations too much.
It’s a strong market and competitive. It’s one that we feel we need to have a strong hold on. So this funding is to invest in expansion and have more experience in the company with relation to expansion.”, Ogundeyi added
In November 2020, Kuda secured $10 million in seed round and later secured another $25 million in Series A funding in March 2021. This has shown the fintech’s funding journey and now it has registered 1.4 million registered users.
Ricardo Schäfer, the Lead Partner from Target commented on Kuda’s raised fund:
“We felt that Babs and Musty” — Musty Mustapha, the co-founder and CTO — “are ambitious on another level. For them, it was always about building a pan-African bank, not just a Nigerian leader. “The prospect of banking over 1 billion people from day one really stood out for me at the beginning.”
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