We have advised Kuda, a Nigerian mobile-first challenger bank, on its $25m Series A funding round led by New York-based venture capital firm Valar Ventures.

With a microfinance banking license in Nigeria, custom-built banking technology and no physical branch network, Kuda has redesigned banking for the Nigerian landscape, currently the biggest single economy in Africa.

The round also includes participation from existing investor Target Global, an international venture capital firm headquartered in Berlin, and several other existing investors. The $25m funding raise follows on from the $10m Kuda raised in October 2020, the largest ever seed round to be raised in Africa.