Kuda Bank raises $25 million Series A funding led by Valar Ventures – Nigeria’s digital bank, Kuda Bank raises $25 million in a Series A round to continue to provide a modern banking service for Africans and the African diaspora.
According to a press release seen by Nairametrics, the funding round was led by New York-based venture capital, Valar Ventures, with participation from existing investor Target Global, an international venture capital firm headquartered in Berlin, Germany and several other existing investors.
This is the first time that Valar Ventures which has invested in a number of fintech startups, including N26, the UK’s Wise, and Mexico’s Albo has backed an African startup.
Launched in 2019, and headquartered in Lagos and London, Kuda Bank currently provides services for consumers to save and spend money, and it has recently introduced overdrafts (essentially revolving credit for individuals).
In December 2020, Kuda raised $10 million dollars in a seed round, the largest-ever seed round raised by a startup out of Africa. At the time of the seed round, Kuda had registered 300,000 customers: now, that figure has more than doubled to 650,000. The digital bank also has over one million downloads on play store.
The challenger bank has grown to provide B2C and B2B banking services to customers in Nigeria and has processed over $2 billion in transactions during February 2021, up from $5.2 million in February 2020.
Read also: CBN investigates 71 for suspected forex deals
Kuda offers a suite of banking services with a more accessible user interface and a more modern approach where you can interact with the bank using a mobile app, and in addition to basic banking services, it provides tools to help people manage their money more intelligently.
This new fund will be used to speed up customer acquisition, expand leadership roles, and build out new features including a new easy-to-use lending option that the company is currently trailing with select customers.
What they are saying
Babs Ogundeyi, CEO and co-founder of Kuda, said: “At Kuda, we know that the companies which are best able to leverage technology and talent will be the same companies which are best positioned to provide huge numbers of people across Africa with access to a vastly improved financial system that places the customer at its center. We recognize the great strides that we have taken to get to the point at which we are now, but even more importantly we recognize just how far we still have to go to achieve our objective of providing every African with access to powerful, appropriate and affordable financial services.
“With this in mind, we could not be more pleased that Valar Ventures has decided to come on board and join us on this mission. Their insights and experience in helping advise some of the world’s most successful challenger banks will without doubt be a critical part of our successes going forward.”
Andrew McCormack, a general partner, and co-founder at Valar noted that “Nigeria is at a tipping point in the adoption of digital banking, With the rapidly growing, youthful population who are open to new financial alternatives, Kuda is well-positioned to benefit and will transform the landscape of African banking. We are excited to lead their Series A and continue on the journey alongside Kuda.”
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VIEW POINTWhy FG should consider permanent employment for NPower 2016 beneficiariesPublished 1 week ago on March 14, 2021By Haruna Magaji
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Why FG should consider permanent employment for NPower 2016 beneficiaries – The Federal Government of Nigeria initiative to establish the National Social Investment Program (NSIP) has been commended from time to time and the program has not only yielded the set goals but has directly and indirectly curb unemployment and stabilize social security in a relative manner.
Yes, upon the creation of the Ministry of Humanitarian Affairs, Disaster Management and Social Development, the ministry mandate then captured the NSIP scheme which has NPower as the major program. The ministry is been headed by Hajia Sadiya Umar Farouq, who is the Honourable Minister of the ministry.
In recent time, and truthfully, the 2016 batch of Npower scheme has exhausted their agreed time signed with them back then in 2018, but the political nature of the country failed to favor the federal government from disengaging them then, owing to the general election approaching then, and it will definitely be a political suicide if President Muhammad Buhari shut the door on them by disengaging them.
N-power Portal Login npvn.npower.gov.ng/login 2020/2021 – Update Your Account
Why FG should consider permanent employment for NPower 2016 beneficiaries
When are we then going to put all the stakeholders in one place and feed them the gravity of their disengagement on the social security of the society? And as well made them realize that, the token been given to the beneficiaries as stipend means a lot on the economic activities of their respective society, and serve as the last resort means of life and family sustainability for many of those beneficiaries.
But why do federal government not even seat down and ask how we are in this pitiable situation of unemployment? The NSIP program is having close to 500,000 people, where does the federal government want to offload them to?
What does it cost Federal Government to covert the NTeach to permanent federal government teachers? Is there any meaningful exit package that can make up to the regular salary payment other than a permanency from the Federal government?
Hope the Federal government knows that, giving the beneficiaries permanent job will further reduce crime rates, robbery and some other social vices threaten the peaceful coexistence of our society?
N-power Portal Login npvn.npower.gov.ng/login 2020/2021 – Update Your Account
Why FG should consider permanent employment for NPower 2016 beneficiaries
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Haruna MagajiHaruna Magaji is a journalist, foreign policy expert and closet musician. He is a graduate of ABU Zaria and a member of the Nigerian union of journalists. JSA, as he is fondly called, resides in Suleja, Abuja. email him at – harunamagaji@financialwatchngr.comCONTINUE READINGADVERTISEMENT
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Acura MDX =N900,000.
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Honda Odyssey=N800,000.
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Infinity Qx4=600,000.
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Nissan Xterra=N600,000.
Nissan Quest=450,000.
Nissan Amanda=N550,000
Lexus Rx330=N750,000.
Lexus Gx460=N1m.
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Lexus Rx320=N680,000
Lexus Lx650=N500,000.
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JANET BLESSINGJune 12, 2020 at 6:49 PM
AUCTION AUCTION AUCTION
(07026536478) NIGERIA CUSTOM’s YEARLY AUCTION’s OF IMPOUNDED VEHICLES ARE NOW
FOR SALES,
APPROVED BY THE FEDERAL
GOVERNMENT AT A CHEAPER AND
AFFORDABLE PRICE,IF YOUR CHOICE OF CAR IS NOT LISTED BELOW, INTERESTED BUYERS
SHOULD CONTACT ME ON
(07026536478) FOR PURCHASE AND INQUIRY.!!!PLEASE NOTE!!!
THE NIGERIA CUSTOM ”REPLACEMENT AND RECRUITMENT” FORM IS OUT FOR REGISTRATION!!!
BAGS OF RICE =N10,000
KEG OF OIL=N7,500
CAR FEATURES AND PRICES BELOW
GOLF 1, 2, 3,4 ,5.=N150,000 to=N 500,000
Toyota Camry Big Daddy=N650,000.
Toyota Camry Tiny-Light=N450,000.
Toyota Avensis=N550,000.
Toyota Hilux=N1M
Toyota Avensis=N650,000.
Toyota Camry Muscle=N 600,000. & Spider=N600,000.
Toyota Avalon=N550,000
Toyota Rav4 SUV=N800,000.
Toyota Sienna=N850,000.
Toyota 4Runner=N850,000.
Toyota Tundra=N1.5M
Toyota picnic=N450,000.
Toyota Highlander=N1M.
Toyota Corolla=N550,000.
Toyota Prado=N2M
Toyota LandCruisser=N2.8M.
Toyota Yaris=N500.000.
Toyota Matrix=N450,000.
Toyota Haice Bus=N950,000
Acura MDX =N900,000.
Acura ZDX=N970,000
Acura TL=N850,000.
Honda Pilot=N800,000.
Honda Baby Boy=N650,000.
Honda End of Discusson(EOD)=N550,000.
Honda Odyssey=N800,000.
Honda Accord=N550,000.
Honda CRV=N600,000.
Honda Civic=N500,000.
Infinity Fx35=N1.7m.
Infinity Fx45=N1.2m.
Infinity Qx4=600,000.
Nissan Murano=N700,000.
Nissan Pathinder=N500,000.
Nissan Altima=N500,000.
Nissan Maxima=N450,000.
Nissan Xterra=N600,000.
Nissan Quest=450,000.
Nissan Amanda=N550,000
Lexus Rx330=N750,000.
Lexus Gx460=N1m.
Lesus Rx300= N650,000
Lexus Rx320=N680,000
Lexus Lx650=N500,000.
LexusRx350=N1.2M
LexusGx470=N850,000.
Ford Escape=N700,000.
Ford Explorer=N8500,000.
Land Rover Discovery=N1.9m.
Land Rover Freelander=N1.3
TRUCKS LIKE , VOLVO, MAN AND MERCEDES ARE ALSO AVAILABLE.
, All
VEHICLES ARE IN GOOD
CONDITION, INSTALLMENTAL PAYMENT IS
ALLOWED
WE OFFER DELIVERY TO ALL
36 STATES IN NIGERIA. CONTACT ME ON (07026536478) TO PLACE AN ORDER NOW.
REPLY
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