Kudi, a Nigerian fintech startup has raised $5.8 million in a recent round of funding from Partech. This number is as a result of a US Securities and Exchange Commission filing made on the 18th of March, 2019.
Tidjane Deme, General Partner at Partech Africa fund, will be joining Kudi’s Board of Directors.
Partech is a global investment firm, financing a wide range of technologies and businesses for enterprises and consumers— from software, digital brands and services, to hardware and deep tech across all major industries. In January, Partech announced its $143 million Africa fund which it plans to make 20 to 25 investments across 10 countries over the next several years. Kudi will be first beneficiary of the fund since its announcement.
It is not clear if the funding round has closed because the target size of the round is $7.3 million.
See also: Central Bank of Egypt to Invest $57.8 million in Fintech Startups
It is most likely that this could be a Series A funding. It combines AI and chatbots to enable a user make utility payments. Though the Facebook’s Free Basics startup does not charge money for bank transfers, it does charge a fee for bill payments.
Kudi is a financial service provider focused on providing access to electronic banking and financial services by leveraging conversational interfaces, natural language processing and artificial intelligence to ultimately boost financial inclusion in emerging markets. It was founded by Adeyinka Adewale and Pelumi Aboluwarin. It launched 2017 and that same year, it was selected for Y Combinator winter program. Following a successful Demo Day, the startup received $120,000 for 7% equity from Y Combinator.
Partech closed its $143 million fund in January. The fund is positioned for series A and B financing rounds in startups changing the way technology is used in education, mobility, finance, delivery, and energy among others. In 2018, it led a $3 million round in TradeDepot, Nigeria and a $16million round in Yoco, South Africa. Kudi is the first investment for this year for the fund.
More on TechGist Africa:
- Knife Capital Extends Accelerator to Johannesburg
- Daystar Power Closes $10 million Investments for Expansion in West Africa
- Bwala Raises fund from Justin Caldbeck, Silicon Valley Investor; Expands to Uganda
- Central Bank of Egypt to Invest $57.8 million in Fintech Startups
- Tony Elumelu Foundation Selects 3,050 Entrepreneurs for 5th Entrepreneurship Programme