Nigeria’s Kuda raises $1.6m to become Africa’s biggest free digital bank

Kuda, Nigeria’s digital-only bank has raised $1.6 million to simplify money management, spending and saving.

The $1.6 million pre-seed investment funding was raised from Startupbootcamp, Haresh Aswani of the Tolaram Group, Ragnar Meitern (an early investor in Monese and Bolt) and other angel investors.

Kuda is a digital-only bank that runs predominantly on smartphones, therefore needs no physical locations to provide full banking services. For users who have no smartphones, the firm has a USSD version.