Nigerian fintech startup, Kuda, has raised $10 million in a seed funding round, even as it seeks to expand further across Africa.
Investors who took part in the funding include Target Global, with participation from Entrée Capital and SBI Investment, and involving leading fintech founders and angel investors like Raffael Johnen, Johan Lorenzen, Brandon Krieg, Ed Robinson, and Oliver and Lish Jung.
According to the firm, they will use the funding to accelerate growth plans and keep up with customer demand. Specifically, funds will be used for key hires, product development, and to expand operations across Africa.
That regulatory approval made Kuda Nigeria’s first and only full-stack and mobile-first bank after the startup raised a $1.6 million funding round in September of last year to complete its launch. The bank provides full banking services through its apps, allowing Nigerians to run a current account, save money, and earn annual interest.
Since then, the company has experienced exponential growth and now serves over 250,000 customers and processes over $500 million of transactions monthly.
In June last year, Kuda received a banking license from the Central Bank of Nigeria (CBN) to launch a full-service digital bank.