Kuda, a Nigeria-based digital-only banking startup, announced earlier this week it secured $10 million through its latest investment round, which was led by European venture capital Target Global, with participation from Entrée Capital and SBI Investment.
Founded in 2018 and launched in 2019, Kuda describes itself as a full-service digital-only bank with a banking license. Kuda is designed for your smartphone, free of ridiculous charges, and great at helping you budget, spend smartly and save more. According to TechCrunch, Kuda is notably starting first in its home market and since launching, it has picked up around 300,000 customers and on average processes over $500 million of transactions each month. Kuda CEO Babs Ogundeyi reportedly stated in a recent interview:
“We want to bank every African on the planet, wherever you are in the world.”
Ogundeyi further shared more details about the banking group’s location:
“Nigeria has the potential to be a great national economy if it’s well harnessed. Tech is contributing significantly to that. That is why there is a lot of interest and why we are excited to be there.”
The media outlet also noted that Kuda raised $1.6 million in a pre-seed round to launch a beta of its service, and Ogundeyi further explained he’s already working on a much bigger Series A. Funds from the latest funding round will be used to continue the growth and development of the Kuda platform. No valuation is currently being disclosed.