11 November 2020
TEMPLARS has advised Lagos and London based FinTech company, Kuda on the successful closing of a US$10 million seed round.
The seed round is the biggest African seed round according to Tech Industry Bible, TechCrunch and follows Kuda’s US$1.6 million pre-seed financing in September 2019.
It was led by one of Europe’s leading Venture Capital firms, Target Global with participation from Entrée Capital, SBI Investment as well as other leading FinTech founders and angel investors. Proceeds of the fund will be used for key hires, product development and to expand operations across Africa – beyond Kuda’s launch country, Nigeria.
Speaking about the transaction Dayo said ‘’Templars has supported Kuda on their remarkable journey of growth from inception till date and it is fantastic to have helped them close this very important milestone. We will continue to support Kuda and other early stage companies in navigating the legal, regulatory and commercial landscape because we believe in investing in relationships and clients.”
Kuda – one of Africa’s leading digital challenger banks – is a zero fee, full service, digital bank which now serves over 250,000 customers and processes over $500 million of transactions, monthly. It was the first digital challenger bank with its own microfinance banking license in Nigeria.