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Kuda Bank has announced the closure of a Series B funding of $55 million at a $500 million valuation. The funding will be directed towards doubling down on its new services for Nigeria and also launching into more countries in Africa.
CEO Babs Ogundeyi said in an interview with TechCrunch, “We still see Nigeria as an important market and don’t want to be distracted so we don’t want to disrupt those operations too much. It’s a strong market and a competitive one that we feel we need to have a stronghold on. So this funding is to invest in expansion and have more experience in the company with relation to expansion.”

Kuda had previously raised a total of $36.6 million in funding over four rounds. Investors from the last Series A funding round, Valar Ventures, and Target Global also partook in the Series B funding round. The bank raised $10million in its seed round funding, which was reported to the biggest ever raised in Africa.
“Kuda is our first investment in Africa and our initial confidence in the team has been upheld by its rapid growth in the past four months. With a youthful population eager to adopt digital financial services in the region, we believe that Kuda’s transformative effect on banking will scale across Africa and we’re proud to continue supporting them.”, Andrew McCormack, general partner and co-founder at Valar Ventures said.
Kuda is a full service digital only bank fully licensed by the Central Bank of Nigeria (CBN) with its deposits insured by the Nigeria Deposit Insurance Corporation (NDIC). Kuda was recently chosen as a 2021 World Economic Forum Technology Pioneer. The London and Nigerian-based startup was also included in the 2021 Fintech Power 50 cohort alongside other innovative companies in the world. It is only a matter of time before Kuda becomes Nigeria’s next unicorn.
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