Online Fintech startup firm Kuda, out of Nigeria, that offers digital banking services, has announced it has raised $10 million — the biggest seed round ever to be raised in Africa.
According to CEO Babs Ogundeyi, the funding comes on the back of strong demand for its services and its ambitions to become the go-to bank not just for those living on the continent, but for the African diaspora.
The $10 million is being led by European Venture Capital firm Target Global, along with Entrée Capital and SBI Investment, plus other notable individual Fintech founders and angels. Prior to this $10m raise, Kuda had raised $1.6 million in a pre-seed round to launch a beta version of its service.
In a year where many have been watching the world economy with some trepidation on the back of a raging health pandemic hitting multiple geographies, fintech in Africa has been in the spotlight of late.