{"id":2954,"date":"2020-11-14T08:58:57","date_gmt":"2020-11-14T07:58:57","guid":{"rendered":"https:\/\/techsofar.com\/?p=2954"},"modified":"2020-11-14T10:08:01","modified_gmt":"2020-11-14T09:08:01","slug":"kudabank-raises-10-million-to-keep-building-africas-best-bank","status":"publish","type":"post","link":"https:\/\/techsofar.com\/kudabank-raises-10-million-to-keep-building-africas-best-bank\/","title":{"rendered":"Kudabank Raises $10 Million to Keep Building Africa’s Best Bank"},"content":{"rendered":"\n
Welcome to the first post in our new series The Insights!<\/a> This section of TechSoFar.com is dedicated to writing about, sharing stories, and highlighting brands, startups, tools, and everything you need to know about who’s and what’s happening about the things most important to you.<\/strong><\/em><\/p>\n\n\n\n Nigerian fintech startups seem to be leading the African market. Recently Kuda bank, which is Nigerian first digital bank, raised a whopping $10 million seed fund. This is currently the biggest seed fund ever raised by a fintech startup in African.<\/p>\n\n\n\n Kuda bank which regards itself as \u201cthe bank of the free\u201d started operation in 2016 as Kudimoney, by offering customer two basic services:<\/p>\n\n\n\n These services they offered via their mobile app. Because of the ease and efficiency in their transaction, Kudimoney quickly gain prominence and experienced fast growth.<\/p>\n\n\n\n The rebranding of Kudimoney to Kuda bank was followed by them getting a microfinance banking license\u00a0from the Central Bank of Nigeria (CBN) in 2019. \u00a0This was in line with the vision of the CEO of Kuda, Babs Ogundeyi<\/a>, to make the bank\u2019s service available to every African on the planet regardless of where they live.<\/p>\n\n\n\n Propelled by this vision, they were able to raise their first seed fund of $1.5 million in 2019. With this, they launched the first fully digital no-fee bank in Nigeria. With full banking services such as payments options, deposits and withdrawals, loan etc.<\/p>\n\n\n\n Some of the plus values of their services are:<\/p>\n\n\n\n This year, 2020, Kuda launched it web feature which enables customers, which as consumers and small businesses, to track their money in real-time.<\/p>\n\n\n\n Again, in 2020, they have added another achievement by raising $10 million seed fund. However, this was made possible by Target Global, one of Europe big VC, together with Entr\u00e9e Capital, SBI Investment and some other foreign and angel investors and fintech founders. <\/p>\n\n\n\n When asked about this $10 million funding round, the CEO of Kuda, Babs Ogundeyi said:<\/p>\n\n\n\n