Kuda, a Nigerian digital bank, has secured a significant seed financing round of $10 million to propel its pan-African expansion and enhance its ethical banking offerings to meet burgeoning customer demands. This landmark funding, the largest seed round ever raised in Africa, was led by European VC firm Target Global, with participation from Entrée Capital and SBI Investment, along with notable fintech founders and angel investors.
Founded in 2016, Kuda underwent a significant transformation from its previous incarnation as Kudimoney, a standard fintech platform. Following the acquisition of a banking license from the Central Bank of Nigeria in June of last year, Kuda has rapidly emerged as a leading digital challenger bank in Africa. With over two hundred and fifty thousand customers and processing more than $500 million in transactions monthly, Kuda continues to fulfill its mission of democratizing financial services across the continent, offering innovative solutions such as real-time money tracking, current accounts, automated savings, and interest earnings of up to 15 percent annually, all free from traditional bank charges.