22 March 2021
TEMPLARS advised Kuda – a Lagos and London based Digital challenger bank offering mobile-first banking services in Nigeria – on its successful US$25 million series ‘A’ Fund Raise.
The U$25 million funding was led by Valar Ventures, a US-based venture capital firm co-founded and backed by Peter Thiel (co-founder of PayPal), with leading European Venture Capital firm, Target Global and other investors.
TEMPLARS previously advised Kuda on its US$10 million seed round, which was reported as the largest-ever seed round raised by a startup out of Africa (read here) in November 2020.
In four months, Kuda has reported over 100% growth in customers from 300,000 to over 650,000 as well as a 340% increase in recorded monthly transactions from $500 million in November 2020 to U$2.2 billion in February 2021.