Kuda Bank raises $10 million for operation, gets new board member
Kuda, arguably the first Neobank in Nigeria, has raised $10 million seed fund for its operations. This is coming after Stripe struck a deal said to be worth $200 million with Paystack, another Nigerian fintech firm.
This funding round was led by top European VC firm, Target Global and closely followed by Entrée Capital and former subsidiary of SoftBank, SBI Investment. Other notable investors are 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).
The birth of Kuda was geared by the increasing demand for its kind of service and the vision to become the go-to bank for Africans at home and abroad, as the Chief Executive officer (CEO) of KUDA, Babs Ogundeyi pinpointed Africans’ interest as the driving force of their efforts.
In his word: “We want to bank every African on the planet, wherever you are in the world.”
This is Kuda’s second fundraising as there was a pre-seed investment at the beginning of the third quarter of the previous year when it raised over $1million.
Ogundeyi expressed his delight concerning the support and its sources and stressed on the beneficiaries.
“We are very excited for Kuda’s next phase. It is a great validation of our business model and rapid growth to date – to have the support of both Europe’s leading fintech investors and founders of successful global technology businesses.
“Their financial backing and support will only benefit Kuda and our customers,” he disclosed.
The newest member of the Kuda board and partner at Target Global, Dr Ricardo Schäfer, applauded Kuda’s development and saw the collaboration as a right step in the right direction
Private investor and participant of the Pre-seed, Haresh Aswani, commended the founders for their degree of mastery, applauded the innovation for its pan African approach and noted that it agrees with his ideology.
“Kuda’s vision of democratising financial services and making it easily accessible and affordable for all Africans aligns with my philosophy on transforming industries and value creation. The founders of Kuda are extremely smart and knowledgeable about the space. I am excited to partner with Kuda and support their continued growth,” he said.
This is coming after Stripe struck a deal said to be worth $200 million with Paystack, another Nigerian.
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