Finance Breaking news Valar Ventures makes first investment in Africa with neo bank Kuda last financial news
Breaking-Finance.Com - Nigerian digital banking startup Kuda has raised $25 million in a Serie A funding round backed by Peter Thiel's Valar Ventures.
Breaking-Finance.Com - Nigerian digital banking startup Kuda has raised $25 million in a Serie A funding round backed by Peter Thiel's Valar Ventures. Launched in 2016 as lending platform Kudimoney, Kuda rebranded in June of 2019 and received a banking licence from the Central Bank of Nigeria (CBN) to launch a full-service mobile-only bank.The capital injection from Valar Ventures - which has also backed N26 and TransferWise - is the fund's first foray into Africa. It comes just four months after Kuda raised $10 million in a seed financing round.
. Their insights and experience in helping advise some of the world’s most successful challenger banks will without doubt be a critical part of our successes going forward.”Since launching in September 2019, Kuda has grown to provide consumer and business banking services to over 600,000 customers in Nigeria and processed over $2 billion in transactions during February 2021, up from $5.2 million in February 2020.Ogundeyi says Kuda will use the funding to drive growth in Nigeria, adding new product features for lending, and expand to other markets in Africa.
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