Y Combinator-Backed Nigerian Fintech Startup Secures $5M Series A
Y Combinator-backed Nigerian fintech startup Kudi has raised a series-A round led by French venture capital fund Partech Partners with participation from the Silicon Valley investor YC and Khosla Ventures.
Kudi processes more than $30 million in payments a month. The company’s latest $5 million funding round brings Kudi’s total investment since its 2016 launch to $6.7 million, according to Ventureburn.
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The fintech firm’s artificial intelligence-enabled mobile app allows users to send money to any Nigerian bank, buy mobile airtime or pay bills.
An AI chatbot communicates with the user on the app to understand what they need and assist with a selection of financial services.
The $5 million investment will be used to recruit around 15 more employees, expand the company’s network of bank agents and launch new insurance, loans and savings products, according to a press release.
Kudi has an agent network of more than 4,500 merchants and processes $30-million-plus in payments a month, according to Techmoran.
Tidjane Dème, general partner at Partech, will join Kudi’s Board.
In addition to Paris, Partech has offices in San Francisco, Berlin and Dakar in Senegal.