Nigerian FinTech startup Kuda has raised US$1.6M pre-seed funding.
Kuda, which is a digital bank startup that operates in Nigeria banked the pre-seed investment funding with participation from Startupbootcamp, Haresh Aswani of the Tolaram Group, Ragnar Meitern (an early investor in Monese and Bolt) and other angel investors.
“We’ll use this money to launch out of beta later this year, our immediate priorities are continuous product improvement and excellent customer support, so the funds we’ve raised will be used to expand our software development and customer support teams and equip them with the best tools available.” according to a statement by Babs Ogundeyi.
Founded in 2017 by Babs Ogundeyi and Musty Mustapha as Kudimoney and later rebranded, Kuda, is the only digital-only bank in Nigeria with a standalone license from the Central Bank of Nigeria (CBN) allowing it operate as a micro-finance bank.
Kuda offers checking accounts with no monthly fees, a free debit card, with plans underway to offer consumer savings and P2P payments options on its platform.
Image Credits: Kuda