10 November 2020
We have advised Kuda Technologies, a Nigerian mobile-first challenger bank, on its USD$10 million seed round – the largest ever seed round to be raised in Africa.
The funding round was led by Berlin-based VC Target Global, with Entrée Capital and SBI Investment also participating, along with a number of other high profile fintech founders and angels.
Since launching in September 2019, Kuda has grown to provide B2C and B2B banking services to 300,000 customers and processes approximately USD$500 million in transactions every month.
Babs Ogundeyi, Co-Founder & CEO said: "Kuda's ambition is to bank every African on the planet. We want advisors that can match our ambition and help us get there. The Taylor Wessing team are excited by our vision, gave us highly commercial and insightful advice and were a pleasure to work with."
Corporate technology partner Angus Miln said: "Kuda have taken the fintech world by storm and broken records in their home market in Africa. With an exceptional founder team and the backing of this new group of investors, we look forward to watching them scale even greater heights."
Our team was led by Angus Miln with support from: Siobhán Langwade (senior associate), Joshua Gertner (associate), and Nell Cooper (associate) from our corporate technology team; Ann Casey (partner) from our tax group; and Roxane Davey (senior associate) from our employment, pensions & mobility group.