Services

Kuda Bank raises a $25m Series A four months after a $10m seed round

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Kuda is a Nigerian-fintech startup that started operation as a lending platform until June 2019. The fintech took a step further to obtain a banking license from the Central Bank of Nigeria to launch a full-service bank.

Kuda is the only and first Nigerian platform to launch a full-stack mobile bank. It allows Nigerian to run a savings or current account, save money, and earn interests.

Meanwhile, last November, the fintech startup raised a whopping $10m at the end of its seed funding round.

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In March, the startup announced its $25m Series A round – and it raised some eyebrows. Many people wondered why the Series A funding came so early after the seed round.

Kuda’s chief operating officer – Ryan Laubscher said, the short interval between the funding rounds was due to some factors. They include the growth rate of the company, global economic considerations, and a few more.

”Over the last ten months, we have experienced a speedy growth rate. Given the economic outlook globally, buffering our reserves and making sure we had enough capital sounded like a great idea,” Ryan said.

”It also seemed like the right time to raise funds considering our growth ambitions. Now, it feels like we have enough resources to pursue our aggressive growth plans over the next 12 months.”

”The company is barely two years old, and so far, we have witnessed fast growth. Hence, we need to flesh out our product suite and expand into various credit products.” Ryan added.

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