Kuda Bank, a Nigerian Fin-Tech startup, has raised $55 million in a Series B round at a valuation of $500 million. This update is coming after the company announced a $25 million in a Series A round four months ago.

The latest round was jointly led by existing investors Target Global and Valar Ventures, the firm co-founded and backed by PayPal co-founder, Peter Thiel. SBI Investment and other previous angels also participated.

According to the platform, the funds will be used to build new services for Nigeria as well as prepare for a continental expansion of the startup. According to Babs Ogundeyi, Co-founder and CEO, Kuda aims to build a new take on banking services for “every African on the planet.”

“We’ve been doing a lot of resource deployment in our operational entity, in Nigeria. But now we are doubling down on expansion and the idea is to build a strong team for the expansion plans for Kuda,”

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Although details of which countries in Africa the platform is eyeing, “For Babs and Musty, it was always about building a pan-African bank, not just a Nigerian leader,” said Ricardo Schäfer, partner at Target Global.