Nigeria-based financial technology (fintech) startup Kuda has secured $1.6 million in pre-seed funding, following its transition from lending platform Kudimoney to a digital bank. The funding round involved participation from Startupbootcamp, an AfriTech accelerator program, alongside angel investors.
Kuda, the first mobile-first bank in Nigeria, obtained its banking license from the Central Bank of Nigeria in June, signaling its commitment to democratizing financial services across Africa. Future plans include expanding services to include consumer savings and P2P payments.