Kuda Bank raises $55 million at $500 million valuation

Founded in 2019 by Babs Ogundeyi and Musty Mustapha, Kuda is a microfinance bank licensed by the Central bank of Nigeria.

Kuda raised $25 million in March, led by Valar Ventures, the firm co-founder and backed by Peter Thiel with Target Global and other investors.

Kuda now has 1.4 million registered users, a 124 per cent growth from 650,000 registered users, a figure it revealed when announcing its Series A of $25 million led by Valar Ventures, according to Techcrunch. “We still see Nigeria as an important market and don’t want to be distracted so don’t want to disrupt those operations too much. It’s a strong market and competitive. It’s one that we feel we need to have a stronghold on. So this funding is to invest in expansion and have more experience in the company with relation to expansion.”

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