Kudabank, a startup that operates a mobile first bank for consumers and small businesses in Nigeria, has raised US$25-million from a consortium of investors led by Valor Ventures. 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 over 300,000 customers as well as process significant amounts of transactions every month.
Kudabank recently appointed a new COO, Ryan Laubscher and the fintech bank has processed over US$2-billion in transactions as at February 2021. Kudabank previously raised US$10-million from a consortium of investors led by Target Global which is an international venture capital firm headquartered in Berlin, with more than €1-billion in assets under management.
Valor Ventures, based in Atlanta, Georgia, USA invests in software founders in meeting growth challenges in the USA and has invested in companies such as Allelica, Goodfynd, ParrotMob, EcoText, Vital4, LeaseQuery, Drum, Physician360 and Capway among many others. The investment in this Nigerian company is the first exposure the firm has to an Africa based company. The stake acquired was not disclosed.