The funding helps Kuda's valuation hit the $500M mark. Here are the top-line bullets you need to know.
Kuda, an Africa-based challenger bank, has raised $55M in a Series B. The round drew participation from Valar Ventures, Target Global, and SBI Investment, among others.
HOW’S THE COMPANY PERFORMING?
- UK-based Kuda is a mobile banking platform that offers digital financial services such as microfinancing, expense tracking, and money management for customers in Nigeria.
- The company has recorded a 124% growth in the number of its registered users from 650,000 in March to 1.4M currently. It has processed transactions worth $2.2B during the same timeframe.
- In Q2’21, the company paid out $20B worth of credit to more than 200,000 users, with a repayment period of 30 days.
- It has offices in London and Lagos.
WHY DOES THE MARKET MATTER?
- The global digital banking market is projected to grow at a CAGR of 8.9% to reach a value of $1.61T by 2027, according to Research Dive.
- According to Juniper Research, 3.6B individuals — roughly one in every 2 adults — will use digital banking services across mobile and desktop platforms by 2024.
- Global shutdowns and branch closures spurred the adoption of digital banking during the Covid-19 outbreak.
- According to an Adjust and Apptopia poll, global mobile banking and payment app usage increased by 26% in the first half of 2020 compared to the same period in 2019.