Kuda, a Nigerian based online-only Bank startup has recently announced a US$25 million Series A funding round.
The new funding round led by Valar Ventures, a New York-based venture capital firm will be deployed by the digital banking startup to enhance its expansion into selected countries on the continent.
Another notable participant in the funding round includes Target Global, a German-based venture capital firm that also doubles as an existing investor.
Kuda obtained its banking licence from the country’s apex bank, the Central Bank of Nigeria in 2019.
This licence allowed its users to operate current account while saving money and earning interest, making the fintech startup the first in Nigeria to operate a full-stack and mobile-first bank.
In November 2010, Kuda secured a US$10 million seed round but has stepped up its game in 2021 to raise a Series A funding round
Since its rebranding to Kuda from Kudimoney in 2019, the fintech startup has provided more than 600,000 customers to its users in Nigeria and has processed more than US$2 billion in transactions up on till February 2021
Kuda also plans to increase its customer acquisition while designing new features that will enable a seamless lending process.
Speaking on the Series A funding round, Babs Ogundeyi, Chief Executive Officer (CEO) and Co-founder of Kuda. Said:
“At Kuda, we know that the companies which are best able to leverage technology and talent will be the same companies which are best positioned to provide huge numbers of people across Africa with access to a vastly improved financial system that places the customer at its centre.”
We recognise the great strides that we have taken to get to the point at which we are now, but even more importantly we recognise just how far we still have to go to achieve our objective of providing every African with access to powerful, appropriate and affordable financial services,”
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