{"id":5314,"date":"2020-11-13T05:56:38","date_gmt":"2020-11-13T04:56:38","guid":{"rendered":"https:\/\/refinedng.com\/?p=5314"},"modified":"2020-11-13T05:56:49","modified_gmt":"2020-11-13T04:56:49","slug":"nigerias-first-digital-bank-kuda-raises-10-million-dollars-seed-the-largest-seed-round-in-africa","status":"publish","type":"post","link":"https:\/\/refinedng.com\/nigerias-first-digital-bank-kuda-raises-10-million-dollars-seed-the-largest-seed-round-in-africa\/","title":{"rendered":"Nigeria\u2019s First Digital Bank, Kuda Raises $10 million dollars seed, the Largest Seed Round in Africa"},"content":{"rendered":"<body>\n<p><strong>Nigeria\u2019s First Digital Bank, Kuda Raises $10 million dollars seed, the Largest Seed Round in Africa<\/strong><\/p>\n\n\n\n<p class=\"has-medium-font-size\"><a href=\"http:\/\/kudabank.com\/\">Kuda<\/a> bank, a Nigerian fintech startup that operates a popular mobile-first challenger bank for consumers and small businesses, has raised a $10 million dollar seed round. The $10 million seed round is the biggest seed round ever to be raised in Africa and it was led by European VC firm, Target Global with participation from Entr\u00e9e Capital and SBI Investment, along with a number of other notable individuals fintech founders and angels.<\/p>\n\n\n\n<p class=\"has-medium-font-size\">Read Also: <a href=\"https:\/\/refinedng.com\/nigerian-payments-startup-paystack-acquired-by-us-tech-giant-stripe-in-a-deal-worth-over-200-million\/\">Nigerian Payments Startup, Paystack, Acquired by US Tech Giant, Stripe in a Deal Worth Over $200 million<\/a><\/p>\n\n\n\n<p class=\"has-medium-font-size\">The funding comes as a result of strong demands for its services and ambitions to become the go-to bank not just for those living on the continent, but for the African diaspora.<\/p>\n\n\n\n<div class=\"wp-block-image\"><figure class=\"aligncenter size-large\"><img decoding=\"async\" width=\"750\" height=\"354\" src=\"https:\/\/refinedng.com\/wp-content\/uploads\/2020\/11\/Babs-Ogundeyi-and-Musty-Mustapha-1024x576-750x354-1.jpg\" alt=\"Nigeria\u2019s First Digital Bank, Kuda Raises $10 million dollars seed, the Largest Seed Round in Africa\" class=\"wp-image-5315\" loading=\"lazy\" srcset=\"https:\/\/refinedng.com\/wp-content\/uploads\/2020\/11\/Babs-Ogundeyi-and-Musty-Mustapha-1024x576-750x354-1.jpg 750w, https:\/\/refinedng.com\/wp-content\/uploads\/2020\/11\/Babs-Ogundeyi-and-Musty-Mustapha-1024x576-750x354-1-585x276.jpg 585w\" sizes=\"auto, (max-width: 750px) 100vw, 750px\" \/><figcaption>Kuda Co-founders, Babs Ogundeyi and Mustapha Musty<\/figcaption><\/figure><\/div>\n\n\n\n<p class=\"has-medium-font-size\">Co-founded by<strong> <\/strong>Babs Ogundeyi and Mustapha Musty, <strong>\u00a0<\/strong>Kuda bank started out in 2016 as Kudimoney \u201cthe\u00a0bank\u00a0of the free\u201d, an online-only savings and lending platform, and had gone through a couple of funding rounds before transitioning into Nigeria\u2019s first actual digital-only\u00a0bank\u00a0without a physical location. Kuda is a full-service digital-only bank with a banking license,\u00a0designed for smartphones, free of outrageous charges, and great at\u00a0helping budget planning.<\/p>\n\n\n\n<p class=\"has-medium-font-size\">In June 2019, Kuda bank received a banking license from the Central Bank of Nigeria (CBN) to launch as a full-service digital \u2018No-Fee\u2019 bank, therefore, raising US$1.6 million in September 2019 to complete its launch. Since then, Kuda has largely kept to its promise of helping users achieve their financial goals, offering complete control over all expenditures and a banking approach that is exclusively linked to the real economy.<\/p>\n\n\n\n<p class=\"has-medium-font-size\">Haven experienced exponential growth, Kuda now serves over 250,000 customers and processes over US$500 million of transactions monthly. In June 2020, it launched its Web feature to allow its customers to track their money in real-time, adding to its range of features that allow Nigerians to have a current account, save money automatically and earn up to 15% annual interest without the burden of bank charges.<\/p>\n\n\n\n<p class=\"has-medium-font-size\">Speaking on the new funding round, Kuda Chief Executive Officer (CEO) and co-founder Babs Ogundeyi said,\u00a0<\/p>\n\n\n\n<p class=\"has-text-align-center has-medium-font-size\">\u201cWe are very excited about Kuda\u2019s next phase. It is a great validation of our business model and rapid growth to date \u2013 to have the support of both Europe\u2019s leading fintech investors and founders of successful global technology businesses. Their financial backing and support will only benefit Kuda and our customers.\u201d<\/p>\n\n\n\n<p class=\"has-medium-font-size\">Dr. Ricardo Sch\u00e4fer, partner at Target Global, who will also join Kuda\u2019s board said,\u00a0<\/p>\n\n\n\n<p class=\"has-text-align-center has-medium-font-size\">\u201cKuda is one of Africa\u2019s leading digital challenger banks and one of the fastest-growing Fintechs on the continent. We are very excited to be working with Babs, Musty, and the entire Kuda team to further build on the fantastic momentum they have had since inception and support them in taking the company to the next level.\u201d<\/p>\n\n\n\n<p>Nigeria\u2019s First Digital Bank, Kuda Raises $10 million dollars seed, the Largest Seed Round in Africa<\/p>\n<\/body>","protected":false},"excerpt":{"rendered":"<p>Nigeria\u2019s First Digital Bank, Kuda Raises $10 million dollars seed, the Largest Seed Round…<\/p>\n","protected":false},"author":3,"featured_media":5316,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"nf_dc_page":"","om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"_uf_show_specific_survey":0,"_uf_disable_surveys":false,"footnotes":""},"categories":[1],"tags":[469,1147,278,1066],"class_list":["post-5314","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-fintech","tag-kudabank","tag-refinedng","tag-tech"],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/refinedng.com\/wp-json\/wp\/v2\/posts\/5314","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/refinedng.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/refinedng.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/refinedng.com\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/refinedng.com\/wp-json\/wp\/v2\/comments?post=5314"}],"version-history":[{"count":1,"href":"https:\/\/refinedng.com\/wp-json\/wp\/v2\/posts\/5314\/revisions"}],"predecessor-version":[{"id":5317,"href":"https:\/\/refinedng.com\/wp-json\/wp\/v2\/posts\/5314\/revisions\/5317"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/refinedng.com\/wp-json\/wp\/v2\/media\/5316"}],"wp:attachment":[{"href":"https:\/\/refinedng.com\/wp-json\/wp\/v2\/media?parent=5314"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/refinedng.com\/wp-json\/wp\/v2\/categories?post=5314"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/refinedng.com\/wp-json\/wp\/v2\/tags?post=5314"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}