Lagos and London-based online bank Kuda said it has raised $1.6 million with a consortium of angel investors led by Haresh Aswani, the Managing Director-Africa of Tolaram Group, a diversified holding company focused on food distribution, energy and financial services.

The start-up Kuda, which holds a banking license obtained in June 2019 from the Nigerian banking system regulator, plans to expand its service offerings to include savings and money transfers. Kuda is also considering strengthening its team of developers working on its banking platform.

As part of this investment, Haresh Aswani will join Kuda's Board of Directors. “The founders of Kuda are extremely smart and knowledgeable about the space. I am excited to partner with Kuda and support their continued growth,” he said.

Kuda platform was set up in 2018 by Babs Ogundeyi and Musty Mustapha. The bank has partnerships with GTBank and Zenith Bank in Nigeria.

Chamberline Moko