Nigeria’s Kudi Secures $5 Million To Accelerate Growth
5 April 2019
Kudi’s strategy is to partner with commercial banks and other players in the financial services to launch new financial products such as savings, loans, insurance to both small and informal businesses and individuals.
Kudi, Nigerian-based digital payment and collection for the cash economy startup, announced on Friday it has secured $5 million in funding to accelerate the growth of its distributed banks agents in Nigeria.
The capital raise was led by Partech and joined by Michael Seibel (YC CEO), and existing investors Khosla Ventures and YC also participated.
Kudi was founded by a complementary duo of very strong entrepreneurs: Yinka Adewale, CEO and Pelumi Aboluwarin, CTO).
Before cofounding Kudi, Adewale, a graduate of Obafemi Awolowo University, cofounded Sanwo Touch2pay, originally a payment platform for university students in Nigeria and he cofounded clinicfy, a cloud based financial software for hospitals to track their revenues and invoices.
Aboluwarin, a Machine Learning and Software Engineer previously cofounded Qwikgist, a news aggregation service acquired by Businessday and worked in a variety of software engineering roles for companies like Nexmo (acquired by Vonage) and Jumia (they recently filed for an IPO on NYSE).
Kudi will leverage this funding to grow its network of bank agents across Nigeria and launch other financial services in partnership with banks and FinTech to serve millions of Nigerians.
This funding brings the company’s total investment to $6.7 million.