Kuda Bank, the London-based, Nigerian-operating startup that is taking on incumbents in the country with a mobile-first, personalised and often cheaper set of banking services built on newer, API-based infrastructure, has been on a growth tear in the last several months, and to fuel its expansion, it has now raised another round of funding.
TechCrunch has learned, and confirmed with Kuda, that the startup has closed, via its London entity, a Series B of $55 million — money that it plans to use to double down not just on new services for Nigeria, but to prepare its launch into more countries on the continent, and in the words of co-founder and CEO Babs Ogundeyi, to build a new take on banking services for “ever African on the planet.”
The funding was made at a valuation of $500 million, and it comes on the back of some impressive early growth for the startup.
“We’ve been doing a lot of resource deployment has been in our operational entity, in Nigeria. But now we are doubling down on expansion and the idea is to build a strong team for the expansion plans for Kuda,” Ogundeyi told TechCrunch in an interview. “We still see …read more
Source: Tech Crunch