The Nigerian challenger bank Kuda has raised $1.6m in a pre-seed investment round after launching the beta version of its online mobile finance platform and getting a banking licence from the Nigerian Central Bank.
This makes Kuda the only digital-only bank in Nigeria with a standalone licence, according to the founder Babs Ogundeyi, who spoke with TechCrunch.
The FinTech startup offer customers a checking accounts with no monthly fees and a free debit card.
Haresh Aswani, the managing director of Nigeria at Tolaram Group which has businesses providing consumer goods, digital services, energy, infrastructure, real estate, textiles and financial services. As part of the raise, he will join Kuda’s board. Aswani was joined by several other angel investors for the raise.
Kuda plans to use the money to keep developing the platform and aims to launch a live version at the end of this year.
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