Nigeria-based challenger bank Kuda has raised $10 million in funding to expand in the whole Africa continent.
Kuda has raised $10 million in seed round funding led by Target Global, with participation from Entrée Capital and SBI Investments. This seed investment become to Africa's largest ever seed round and Kuda joins the list of startups that have crossed the $ 1 billion valuation threshold, including Paystack and Interswitch.
Along with a number of other notable individual fintech founders and angels are participated the seed round. The list includes: Raffael Johnen (founder of Auxmoney), Johan Lorenzen (founder of Holvi), Brandon Krieg/Ed Robinson (founders of Stash), and Oliver and Lish Jung (angel investors in Nubank, Revolut, and Chime)
Babs Ogundeyi, founder and CEO of kuda
I am thankful for all our customers, from those who have trusted us with their money since day one to the most recent believers in our mission. You have motivated us to keep going in the face of great odds and you make our efforts worthwhile. We will keep improving to become the bank of your dreams.
We are committed to expanding our services considerably in 2021 and we will use this fresh injection of capital to fine-tune our offerings, build on recent improvements to our card production and delivery speed, and launch a product for small and medium-sized businesses.
The mission continues, and we will continue to work as hard as ever to build a bank all Africans can be proud of.
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