Company

KUDA

Swift account creation, next-to-zero bank charges, free ATM card delivered to you by your doorstep, no bank queues if you ever have any bank issue, quick customer care response, a bank application that let you truly save money and hide your account balance, 25 free transfers to even other banks and only a #10 charge if you exceed that in a month. Dreamy? It was like that until Babs Ogundeyi and Musty Mustapha co-founded the bank of the free, Kuda.

Babs Ogundeyi and Musty Mustapha

COMPANY INFORMATION

Kuda is a licensed digital bank that offers free full-service banking services designed for your smartphone, free of ridiculous charges and great at helping you budget, spend smartly and save more. It is a London based, Nigeria operating startup that began as Kudi Money in 2017. In its quest to get rid of the illegal monthly maintenance fees banks charge, the financial technology company received a Microfinance banking license from the Central Bank of Nigeria, CBN. With the rebrand came a new name, Kuda, the bank of the free.

Kuda has predicted this move to save its users a significant 1,312.5 naira every month and 15,250 naira every year due to the outrageous charges of traditional banks. “We’re excited to usher in a new era in consumer banking and serve the many Africans, who we believe are frustrated with traditional banks” said Babs Ogundeyi, Co-founder &CEO of Kuda.

The company was co-founded by Musty Mustapha, the CTO and Babs Ogundeyi, the CEO in 2019. Kuda is running efficiently with a total of 51-200 employees, 3 board members and advisors.

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LOCATIONS          

London:                                                 

131 Finsbury Pavement,                                               London, England EC2A 1NT, GB.    

Nigeria:

151 Herbert Macaulay Road,

Kuda Suite,                                                                      Yaba, Lagos, NG.

Even with just these two locations, you do not ever have to visit Kuda to solve your Kuda problems. You can simply send a message via the app, email them at [email protected], write to them at 151 Herbert Macaulay Way, Yaba, Lagos or start a chat on their various social media platforms whenever you have complaints. 

Instagram: https://www.instagram.com/kudabank/?hl=en

Twitter: https://twitter.com/kudabank?lang=en

SERVICES

Digital bank and free banking for all Africans.

MISSION STATEMENT

To give all Africans on the continent access to banking services at prices they can afford.

GROWTH HIGHLIGHTS

On rebranding in 2019, Kuda among many things became licensed to receive deposits and also connect directly to Nigeria’s central switch. It makes them much more advantageous as opposed to other Fintech companies out there. It is also unique among the neobanks in that it has its banking license, is mobile-first, personalized and has a cheaper set of banking services built on newer, API-based infrastructure – Nerve.

In 2020, a year where many have been watching the world economy with so much fear on the back of a raging health pandemic hitting multiple geographies, Kuda raised $10 million — the biggest seed round ever to be raised in Africa. Then, Kuda had 300,000 customers (which was a mix of individuals and sole-proprietor businesses) and was processing an average of $500 million worth of transactions per month.

As of 2021, it raised $25 million in a Series A round led by Valar Ventures, the firm co-founded and backed by PayPal co-founder Peter Thiel. Target Global, the European venture capital firm that led Kuda’s last funding, participated in the round. Kuda also raised $55million at a $500 million valuation to provide new services for Nigeria and prepare its launch into more countries on the continent. “to build a new take on banking services for every African on the planet” – Babs Ogundeyi.

The company unveiled Erica, Tacha and Fireboy as their brand ambassadors in 2021.

Recently, Kuda reached over 1.4 million registered users more than double the number it had in March when it had 650,000 registered users. With this, Kuda awarded the millionth subscriber a million naira.

It will be opening a customer service centre just a few minutes from the Yaba office. This centre will house their expanded support team to help with your needs and will also be equipped with their brand-new phone assistance service that can handle multiple calls at a time.

AWARDS AND RECOGNITION

  • Nigeria’s 7th most valuable bank
  • Listed as one of the 7th World.
  • Economic Forum African Technology Start-Up 2021.
  • Included in Fintech Power 50 cohort alongside other innovative companies, 2021.
  • Financial Services Banking Campaign of the Year, 2021 BusinessDay BAFI Awards.
  • Neobank of the Year, 2021 BusinessDay BAFI Awards.

LOOKING TO THE FUTURE

Kuda after their Series B funding spoke about their plans to not only make better their services in Nigeria but also expand to other countries in Africa according to their mission.

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