The funding was made at a valuation of USD 500 million, and it comes on the back of some impressive early growth for the startup. This latest Series B was a relatively quick inside round, meaning that it is coming from existing investors. Co-led by Valar Ventures and Target Global, it also includes SBI and a few previous angels also participating.
Kuda’s initial business model was built around providing banking services to people who still also held accounts with incumbent banks: people would have their salaries paid into their old accounts, and then transferred out to be spent and used in other ways via their Kuda accounts.
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