The company, which currently offers mobile-first banking services in Nigeria, had its Series A funding led by Valar Ventures, with Target Global and other unnamed investors participating.
Kuda currently provides services for consumers to save and spend money, and it has recently introduced overdrafts. The company’s plan is to use these new funds to continue expanding its credit offerings, to build out services for businesses, to add in more integrations, and to move into more markets.
The company has its own microfinance banking license from the central bank of Nigeria. This means that on top of usual money management services, Kuda can also issue debit cards (in partnership with Visa and Mastercard), manage payments and transfers, and build all of the services in the stack itself, including the salary account services and loans.
Kuda does have partnerships with incumbent banks, specifically Zenith Bank, Guaranteed Trust and Access Bank, for people to come in for physical deposits and withdrawals when needed.
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