Kuda, the Nigerian based, full-service, licensed challenger bank, has said it processed over $2 billion in transactions during February 2021, up from just $5.2 million in February 2020.
At the same time, the bank has secured $25 million in Series A funding led by Valar Ventures, Peter Thiel’s first foray into Africa.
In a press release, Kuda CEO and Co-Funder, Babs Ogundeyi, said:
“At Kuda, we know that the companies which are best able to leverage technology and talent will be the same companies which are best positioned to provide huge numbers of people across Africa with access to a vastly improved financial system that places the customer at its centre.
We recognise the great strides that we have taken to get to the point at which we are now, but even more importantly we recognise just how far we still have to go to achieve our objective of providing every African with access to powerful, appropriate and affordable financial services.”
Armed with a microfinance banking license in Nigeria, custom-built banking technology and no physical branch network, Kuda has redesigned banking for the Nigerian landscape and is available to customers via its top-ranked Android and iOS apps.
Kuda currently has a clientelle base of over 600, 000 with over 120 employees across its 3 office locations – Lagos, London, and Cape Town.
The fresh infusion of capital will be used to speed up customer acquisition, expand leadership roles, and build out new features including a new easy-to-use lending option that the company is currently trialling with select customers.
RECOMMENDED READING: [PODCAST] A Chat with Kuda, a Nigerian-based Fully Licensed Digital-Only Bank
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