Nigeria digital banking start-up Kuda has secured $25m in a Series A funding round to support its growth plan.

The round was led by US-based venture capital fund Valar Ventures. The company’s existing investors including Target Global also participated in the fundraising.

Kuda plans to use the new proceeds to expand its product portfolio and foray into new markets in Africa.

The latest fundraising follows a $10m seed round in November 2020.

Kuda co-founder and CEO Babs Ogundeyi said: “At Kuda, we know that the companies which are best able to leverage technology and talent will be the same companies which are best positioned to provide huge numbers of people across Africa with access to a vastly improved financial system that places the customer at its centre.

“We recognise the great strides that we have taken to get to the point at which we are now, but even more importantly we recognise just how far we still have to go to achieve our objective of providing every African with access to powerful, appropriate and affordable financial services.”

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Kuda is said to be the first mobile-first banking services provider in Nigeria. The company was rebranded and launched in its current name in 2019. In the same year, Kuda secured a banking licence from the Central Bank of Nigeria (CBN).

Currently, it has more than 600,000 customers and claimed to have processed $2bn in transactions during the last month.