Kuda Bank, a Nigerian startup based in London that operates in the United Kingdom, has raised USD55 million in a Series B funding round.
The funding was raised at a value of USD500 million.
In addition to Valar Ventures and Target Global, the funding round includes SBI as well as a number of previous angels.
When Kuda announced its Series A funding round of $25 million led by Valar Ventures, the number of registered users jumped to 1.4 million, more than double what it was at the end of March, when it had 650,000.
Andrew McCormack, a general partner at Valar Ventures who co-founded the firm with Peter Thiel and James Fitzgerald, explained that the still-nascent potential of the market, as well as the manner in which Kuda is approaching it, were the driving factors behind the firm’s decision to invest in the startup a second time.
“The market is still in its infancy,” McCormack said.
Following the close of the Series B round of $55 million funding, according to CEO Babs Ogundeyi, the startup will use the funds to double down not only on new services for Nigeria but also on preparing its launch into more countries on the continent in order to create a new take on banking services for every African on the planet.