Nigerian Startup Kuda Receives $1.6M in Pre-seed funding.

Kuda, a Nigerian digital-only retail bank received $1.6M in pre-seed funding. The startup also received a banking license from the Central Bank of Nigeria.

The Nigerian Startup raised the pre-seed funding from Haresh Aswani, Ragnar Meitern, and other angel investors.

The company plans to use the funding to launch the live version of its app later this year. At the moment, the mobile application is still in beta testing. Kuda has built a banking software that takes deposits and allows users to connect directly to Nigeria’s Central Switch which facilitates secure settlement of funds through money transfer instructions.

In Nigeria, Kuda has partnered with GTBank, Acess Bank, and Zenith Bank to enhance its services. The banks will provide branches and ATMs to allow KUDA customers to deposits money and withdraw cash for free.