Startups

Kuda raises $55 million in new series a funding round, crosses half unicorn mark

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Kuda bank is one of the leading fintech platforms in the Nigerian space and the company continues to see multiple expansions with different fundraisers.

Just a few months ago, the company had a series A funding exercise where it netted about $25 million. Right now, the fintech has completed another series B funding which sees it goo home with no less than $55 million.

The new fundraising was completed at a $500 million valuation for the fintech brand, meaning it just has to double its current position to become a unicorn like Flutterwave.

Leading this investment round was Valar Ventures, one of the firms owned in part by Peter Thiel – a former founding member of PayPal. Co-leading the funding round was also Target Group which was already part of the fintech’s funding.

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According to the CEO of the fintech, this new funding round is aimed at expanding the services of the company beyond the shores of Nigeria such that they can provide the same digital banking services to every African on the planet.

That is surely a lofty goal that will take some serious money and effort to reach. At this pace, though, nothing is impossible for the fast-growing fintech.

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