On the 18th of March 2020, Nigerian mobile-first banking service Kuda Bank announced a $25 million in a Series A funding round led by Valar Ventures, with Target Global and other unnamed investors.
Financial services targeting Africans have been receiving increasing attention from Silicon Valley, this is another important moment coming on the back of Stripe acquiring Paystack in October 2020 and Flutterwave’s Series C funding round of 170 Million.
Speaking to TechCrunch, Kuda Bank CEO Babs Ogundeyi describes them “[for] every African on the planet, wherever you are in the world.”
“In November we were doing about $500 million in transactions per month, for services like bill payments, card transactions, and phone top-ups. We closed February at $2.2 billion.”Kuda Bank CEO Babs Ogundeyi
This Series A round comes as a follow up to their seed round of $10 million in November 2020 led by Target Global.