In recent years, the African continent is fast becoming the region with the most mobile growth alongside financial technology firms creating services to meet up with the fast-growing market.
Nigerian fintech startup, Kuda Co-founded by Babs Ogundeyi and Musty Mustapha has secured $10 million, this seed round is the biggest ever on the African continent to date.
Europe’s big venture capital, Target Global led the seed round with SBI Investment and Entrée Capital. Other major angel investors and fintech founders also participated.
Kuda operates a mobile-first challenger bank for consumers and SMEs (a feature coming soon).
The fintech startup raised the seed round following a huge demand for its services to become a go-to bank for Africans and users beyond. This was revealed by the startup CEO, Babs Ogundeyi.
Speaking on the fundraising, Ogundeyi said: “We want to bank every African on the planet, wherever you are in the world,”
Following its launch in September 2019, Kuda has onboarded close to 300,000 customers around small businesses and individuals.
The startup has processed more than $500 million in transactions every month.
Before this latest development, Kuda had raised $1.6 million to launch its beta service in a pre-seed round.
Ogundeyi had disclosed that he is currently working to secure a bigger Series A round of funding. The startup didn’t however disclose its valuation.
In a time when the world has been hit by the ravaging effect of the pandemic, African fintech startups appear to be catching up with the momentum.
Recall that recently, Nigeria’s Paystack was acquired by Stripe, making it the largest acquisition for a Nigerian startup.
Featured Image: Babs Ogundeyi, CEO, kuda
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