Nigerian tech startup Kuda secures $55-million in Series B funding

Kuda, a digital bank that operates in Nigeria has secured $55-million in a Series B funding led by an undisclosed investor.

In a social media post shared on their Facebook page, the innovative fintech startup commented on the recent funding secured.

“We just closed a Series B fundraising round of $55 million, and we are excited for the future of banking in #Africa!

We’re thankful to everyone who has backed our dream with their #money, and to over 1.4 million people who #trust us to continue to be the #best #bank for them.”

Founded in 2019 by Babs Ogundeyi and Musty Mustapha, Kuda is a full-service digital-only bank with a banking license. 

The fintech-focused startup has grown to provide B2C and B2B banking services to consumers in Nigeria and has reportedly over $2-billion in transactions during February 2021. 

Read more: E-logistics platform secures $150 000 in seed funding 

Featured image: Kuda team, Facebook