Kuda Bank has secured N22.6 billion ($55 million) from three venture capitals and some angel investors as the Nigerian fintech startup hit 1.4 million registered users.
As of November 2020, Kuda Bank, which is headquartered in Lagos and London, had 300,000 customers, but the number rose to 650,000 in March.
Established in 2019, Kuda Bank has processed transactions worth $500 million per month by offering savings and overdraft services to its customers.
Through overdraft, over 200,000 registered users received $20 million worth of credit in the second quarter of this year from Kuda, which is co-founded by Babs Ogundeyi and Musty Mustapha. How many times has Kuda Bank raised funds? Kuda Bank has raised funds three times, with each fundraising surpassing $10 million.
The first was a seed round in 2020 when investors provided $10 million. The second was in March this year when Kuda Bank obtained $25 million from investors led by Valar Ventures during a series A round. The third is the recent $55 million secured from Target Global, Valar Ventures, SBI Investment, and some angel investors.
Commenting on its reason for investing in Kuda, Andrew McCormack, a general partner at Valar Ventures said Kuda upheld its rapid growth in the past four months. McCormack stated that Kuda’s growth will expand across Sub-saharan Africa, and it intends to continue supporting the company.