Quick Take: Kuda Raises $10 Million to facilitate its Mobile-first Approach to Banking

Kuda Bank, a Nigerian mobile banking startup with headquarters in Lagos, has just raised the whooping sum of $10  million. Tech Crunch described the deal as “the biggest seed round ever to be raised in Africa.”

Business Elites Africa understands that the funding round was led by European venture capital firm Entree Capital and SBI Investment, alongside some notable fintech entrepreneurs such as Holvi’s founder Johan Lorenzen and Auxmoney founder Raffael Johen.

Kuda was co-founded in 2019 by Babs Ogundeyi and Musty Mustapha, and it operates with a business model that targets mostly Gen-Z and millennials. Prior to this time, the company raised the sum of $1.6 million in a pre-seed round that was intended to enable it launch a beta of its service.

The latest funding round is expected to facilitate the company’s expansion plan. Ogundeyi said “we want to bank every African on the planet, wherever you are in the world.”