Tech in Africa
London-based digital bank Kuda Technologies raises $25m in Serie A funding to launch a simplified lending service on trial phase. Kuda has currently fixated on the Nigeria and Africa markets and hopes to expand its digital banking services with offices in Lagos in London. Kuda Technologies is led by Valar Ventures and offers Nigeria’s first banking services via mobile phones.
Peter Thiel is the co-founder and backer behind Valar Ventures. Other participating investors are such as Target Global. This is the first investment by Valar into a range of startups among them Stash, N26, TransferWise, BitPanda, and BlockFi among others.
Kuda offers services to customers that frequently save and spend money. The startup recently introduced an overdraft facility to further expand its credit overdraft facility. We earlier covered how Kuda Technologies raised $10 million in a round led by Target Global breaking previous African funding seed round records.
At the time the seed round was held Kuda had registered 300,000 customers a figure expected to rise to 650,000. In November alone, $500 million was transacted on the platform.
In other news, Carbon, the fintech payments company processing over $240million in February. In what broke international headlines, Stripe acquired Nigerian company Paystack.
