Kuda Bank, the Lagos-founded neobank, has confirmed that it completed an equity fundraising round during 2024, according to a filing made with UK Companies House. The disclosure, which was surfaced by TechCabal on 20 February 2025, provides formal confirmation of the capital raise. Kuda did not announce the size or valuation of the round, although the return of allotment shows about 82,600 Series B2 preferred shares allotted between 15 and 25 July 2024 for roughly £11 million.
Kuda's revenue had grown to USD 32 million in 2023, and the bank had reached 7.2 million users ahead of the round.
TERMS NOT ANNOUNCED; PRIOR REPORTS NOTED $500 MILLION VALUATION TARGET
Past reports had suggested that Kuda was targeting a raise of approximately USD 20 million at a valuation of around USD 500 million, though those figures were never confirmed by the company and the company has not confirmed the round's valuation.
Kuda operates under a microfinance banking licence in Nigeria and maintains a UK holding company.
The neobank has built its proposition around fee-free retail banking for Nigerians.
REVENUE GROWS AS LOSSES WIDEN
Revenue rose 49% in 2023, while the group's net loss widened to USD 35.7 million from USD 18.5 million.
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