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Nigeria’s Kuda secure $25 million: What you need to know

Picture courtesy : Techcrunch

Nigeria’s digital bank startup has secured $25 million in a series of funding rounds. Here is everything you need to know about this startup:

  1. Kuda was launched in 2016 as Kudimoney, a lending platform. It received its license from the Central Bank of Nigeria (CBN) to launch a full-service digital bank.

  2. Kuda was able to raise $10 million last year with the round of fundings and now has managed to secure $25 million.

  3. The funding was led by Valar Ventures, a New York-based venture capital firm that has also invested in Mexico’s Also, and Germany’s N26.

  4. Kuda provides banking services to over 600000 people in Nigeria and has processed over US$ 2 billion in transactions as of February.

  5. Andrew McCormack, general partner of Valar Ventures said Nigeria was at a tipping point in the adoption of digital banking.

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