Nigerian Fintech Company Kuda Raises $55 Million in Series B Round

August 2, 2021

2 minutes read

 Kuda Raises $55 MillionKuda, a Nigerian digital banking startup, has successfully raised $55 million in a Series B funding round, bringing its total funding to over $80 million. The round was led by existing investors, including Target Global, as well as new investors such as the U.S.-based investment firm, Accel Partners.

Kuda, founded in 2019, positions itself as “the bank of the free,” providing users with zero-fee banking services and a mobile app that allows customers to manage their finances efficiently. The platform has gained significant traction in Nigeria, boasting over 1.4 million registered users by mid-2021.

In a statement following the funding announcement, Kuda CEO Babs Ogundeyi expressed his enthusiasm for the support received from investors. “This investment will allow us to expand our product offerings and improve the customer experience. We aim to make banking more accessible for every Nigerian, particularly the unbanked population,” Ogundeyi stated.

The Series B funding will be utilized to enhance Kuda’s technology infrastructure, expand its engineering team, and develop new features aimed at improving customer engagement. The company plans to invest in marketing initiatives to increase brand awareness and attract more users.

Kuda differentiates itself from traditional banks by offering a range of digital banking services without the burden of monthly fees or hidden charges. Users can open accounts through the mobile app in minutes, access budgeting tools, and earn interest on their savings.

The Nigerian fintech landscape is experiencing rapid growth, driven by the increasing adoption of mobile banking and digital financial services. According to a report by McKinsey, Nigeria’s fintech sector is expected to reach $543 billion by 2025, creating significant opportunities for innovative companies like Kuda.

Kuda’s successful funding round not only highlights the potential for digital banking in Nigeria but also underscores the growing interest from international investors in African fintech. With this latest investment, Kuda is set to further solidify its position as a leading player in Nigeria’s dynamic digital banking space.

Share:
Subscribe
Notify of
guest
0 Comments
Oldest
Newest Most Voted
Inline Feedbacks
View all comments

Related Links

Uganda

Uganda Police Detain NUP’s Alex Waiswa Mufumbiro

Uganda police detained Alex Waiswa Mufumbiro, deputy spokesperson of the National Unity Platform (NUP), outside ...

Burundi

Ézéchiel Nibigira Named New ECCAS President

The Economic Community of Central African States (ECCAS) chose Ézéchiel Nibigira, Burundi’s former Foreign Minister, ...

Kenya

Kenya Faces AGOA Expiry, Seeks New Trade Path

Kenya’s economy faces a big challenge as the African Growth and Opportunity Act (AGOA) is ...

Mali_barricades

Mali Strikes Militants Blocking Fuel to Bamako

Mali’s military conducted airstrikes in the Kayes region on September 7, 2025, targeting al Qaeda-linked ...

Latest News

Today in History

September 9th is the day in 1922 that the Greco-Turkish War of 1919-1922 effectively ends with Turkish victory over the Greeks in Smyrna.

Exchange Rate Per Dollar

AM Armenian Dram382.0901
GH Ghana Cedi10.5
GM Gambian Dalasi72.5
GN Guinea Franc8,647.3
NG Nigerian Naira₦1,507.67
CF CFA Franc BEAC558.133
09 Sep · CurrencyRate · USD
CurrencyRate.Today
Check: 09 Sep 2025 08:05 UTC
Latest change: 09 Sep 2025 08:00 UTC
API: CurrencyRate
Disclaimers. This plugin or website cannot guarantee the accuracy of the exchange rates displayed. You should confirm current rates before making any transactions that could be affected by changes in the exchange rates.
You can install this WP plugin on your website from the WordPress official website: Exchange Rates🚀

YOUR THOUGHTS

Let us know what you think

Contact the People’s Paper with feedback on stories and how we could make wapress.africa even better!

newsletter image

Stay up to date with the latest from West Africa Press

Editorial feedback and complaints

Contact the public editor with feedback for our journalists, complaints, queries or suggestions about articles on WApress.

Subscribe Newsletter!

Be the first to receive our latest contents and more...

Need help?