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Kuda bank, London- based Nigerian fin-tech startup has raised $55 million in a series B round at a valuation of $500 million. This is coming after a series A of $25 million announced by the company four months ago.

This latest round is co-led by existing investors Target Global and Valar Ventures. It also includes the participation of SBI and a number of other previous angels.

Kuda plans to use the funds to build on its new services in Nigeria and launch into more countries in the continent.

The fin-tech startup has continued to grow exponentially as it has presently 1.4 million users, a leap from 650,000 registered users as of March this year.

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