Online fintech startup firm Kuda has successfully raised 10 million dollars, the biggest seed ever to be made in Africa.
According to kuda CEO, Babs Ogundeyi, the funding comes on the back of strong demand for its services and its ambitions to become the go to bank not just for those living on the continent, but for the African diaspora as a whole.
“We want to bank every African on the planet, wherever you are in the world,” he said in an interview, It’s starting first in its home market: since launching in September 2019, it has picked up around 300,000 customers. First consumers and now also small businesses and on average processes over $500 million of transactions each month.
Kuda is one of Africa’s leading digital challenger banks and one of the fastest growing fintechs on the continent. Kuda is a start-up firm that operates a popular mobile first challenger bank for consumers and (soon) small businesses.
The African continent is currently one of the fastest growing regions when it comes to mobile growth, and financial technology.
Fintech companies are building services to meet that rapidly expanding market.
The world mas though faced challenges in the last months, as the economy was negatively affected following the outbreak of an health pandemic, fintech companies were still able to make it regardless the situation of the economy.
Ogundeyi said “despite the uncertainty many are feeling around the pandemic, the relative success of Kuda and the optimism around the future of challenger banks, helped the company close this seed round (and raise other money soon) relatively easily” Kuda CEO.