Kudabank raises US$10-million from a consortium of investors led by Target Global

Kudabank, a startup that operates a mobile first bank for consumers and small businesses, has raised US$10-million from a consortium of investors led by Target Global. The startup was established in 2019 (in Nigeria) by Babs Ogundeyi (currently the CEO) and Musty Mustapha (currently the CTO) and has managed to grow its customer base to 300,000 as well as process significant amounts of transactions every month.

Target Global is an international venture capital firm headquartered in Berlin, with more than €1-billion in assets under management. The venture capital firm targets the European startup ecosystems and has an experienced team of more than 50 professionals with substantial operational and investment experience. Target Global has invested in companies such as Auto1 Group, Clark, Black Moon, Blue Apron, Delivery Hero, Fyber, Klarx and Mixville among many others.

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