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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.

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