Nigerian challenger bank Kuda Technologies has secured $25 million in Series A funding led by Valar Ventures, with Target Global and other investors. Kuda aims to revolutionize banking for Africans, offering mobile-first services, including savings, spending, and overdrafts, with plans to expand credit offerings, integrate more services, and enter new markets. The company's growth underscores the increasing demand for accessible financial solutions in Africa and beyond.
Kuda's innovative approach taps into unique market practices, such as managing salary accounts and offering loans based on spending history. With its microfinance banking license from Nigeria's central bank, Kuda can issue debit cards, manage payments, and develop services independently. The funding will support Kuda's expansion efforts, including operational teams in new markets. As Africa's financial services market evolves, Kuda's strategic position and differentiated approach have attracted investors like Valar Ventures, signaling significant potential for transforming banking across the continent.