Africa’s Kuda Bank has announced having received 10 Million as seed fund, the largest ever of any startup company in Africa.
Kuda Bank is a Nigerian Bank that offers banking solutions to individual consumers and yet to enroll Small and Medium Enterprises through their mobile phones. The Bank is the first of its kind in Africa and offers banking services only through their Mobile Phone apps.
The seed fund was from various of investors who include The Target Global, the Giant VC from Europe, with Entree Capital and SBI Investment also among the companies, Denmark investor the founder of Holvi Johan Lorenzen, Raffael Johnen the founder of Auxmoney, Brandon Krieg and Ed Robnison who the founders of Stash plus Oliver and Lish Jung who are investors in Nubank, Revolut and Chime.
Kuda Bank CEO says that the company targets the whole African continent and does not only intent to provide their services to people on the planet of Africa but also to Africans who are in diaspora.
“We want to bank every African on the planet, wherever you are in the world,” CEO Babs Ogundeyi said in an interview
Kudo Bank CEO Babs Ogundeyi
Nigeria is the largest economy in Africa both by Gross Domestic Product nominal and GDP by Purchasing Power Parity. The country is leading in the innovations in the technology in Africa with various transcontinental tech giants coming from the West African country. Jumia the largest e commerce website in Africa is from Nigeria, in addition to Interswitch, PayStack, and many others.
Kuda Bank was launched in 2019 and started working immediately in the home country Nigeria as it prepares to launch in other African countries. The Bank does not charge any transaction fees and has so far attracted more than 300,000 customers countrywide.