By March 22, 2019

Nigerian Utility Payment Startup Kudi Raises USD 5.8 Mn From Partech – SEC Filings

By March 22, 2019

Y Combinator-backed startup Kudi has raised USD 5.8 Mn in a recent round of funding from Partech. This number is as per an SEC filing company made on 18th March 2019.

The type of the round is yet to be confirmed, as there’s no announcement from the company or the investor so far. Owing to the previous funding rounds and the amount raised, this can be construed as their Series A.

As per the filing records, the startup could see more money in the second tranche of this round as the target size of this round is stated as USD 7.3 Mn.

Tidjane Deme, General Partner who is co-leading the Partech Africa fund, has joined Kudi’s Board of Directors

As this is not an official release by the investor or the company, there’s a possibility that the amount was raised through multiple investors but Partech Africa led the deal as their representative has joined the board.

Kudi combines multiple services for making transactions easier for an average Nigerian. It combines AI and chatbots to enable a user to 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.

Founded by Adeyinka Adewale and  Pelumi Aboluwarin, Kudi launched its services in 2017, the startup was selected for Y Combinator program in he same year.

It clocked some progressive numbers in 2017 but had been silent on the startup scene for sometime.

Below is the table that shows its progress over the months in 2017

source: medium

Partech had closed its USD 143 Mn 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. It has already made two investments in 2018: TradeDepot, in Nigeria, and Yoco, in South Africa. Kudi is the first investment for this year for the fund.

At the time of publishing the article, WeeTracker had not received comments on this development by team Kudi.


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