London-based Nigerian-operating Digital Challenger bank, Kuda, has raised $55 million in a Series B Fund Round at a valuation of $500 million.

TEMPLARS advised on this successful Fund Round having previously advised the bank on its $25 million series ‘A’ Fund Round and $10 million Seed Round.

Kuda, which has witnessed phenomenal growth over the last few months, has now reached 1.4 million registered users – a figure more than double the 650,000 users it reported in March 2021.

According to Kuda’s CEO Babs Ogundeyi, the funds will be utilized to double down on new services for Nigeria and fuel its expansion into more countries on the African continent.

The funding was provided by existing investors, co-led by Valar Ventures and Target Global, and includes SBI and several other Angel Investors that previously participated.

Partners Dayo Okusami and Zelda Akindele led the TEMPLARS team with support from Senior Associate, Oyeyemi Aderibigbe and Associates, Benita Ogbodo, Victor Sameria and Mariam Mamman-Odey.

Speaking on this achievement, Dayo said, “working with Kuda has made us appreciate the bank’s creative and innovative prowess in transforming the Fintech industry. We are proud of Kuda’s achievement and will continue to support the bank and other Fintech startups in navigating the Nigerian legal, regulatory, and commercial landscape.

Congratulations to the entire Kuda team.