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Nigeria’s Kuda secures $10M to be the mobile-first challenger bank for Africa

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In the latest development, Kuda, a startup out of Nigeria that operates a popular mobile-first challenger bank for consumers and small businesses, attracts $10 million funding. This comes on the back of strong demand for its services and its ambitions according CEO Babs Ogundeyi to become the go-to bank not just for those living on the continent, but for the African diaspora.

“We want to bank every African on the planet, wherever you are in the world,” he said in an interview. It’s starting first in its home market: since launching in September 2019, it has picked up around 300,000 customers first consumers and now also small businesses  and on average processes over $500 million of transactions each month.

The $10 million is being led by Target Global, the giant VC out of Europe, with Entrée Capital and SBI Investment (once part of SoftBank, now no longer) also participating, along with a number of other notable individual fintech founders and angels.

Kuda’s mobile-first interface is not unlike a lot of the new wave of banking services built around apps, including an aim to be more than just a “dumb box” for storing money.

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