Native name | Kuda Technologies |
|---|---|
| Industry | Banking |
| Founded | 2019 |
| Founders | Babs Ogundeyi Musty Mustapha |
| Headquarters | , |
| Website | kuda |
Kuda, also known as Kuda Technologies, is a fintech company operating in Nigeria and the UK. It was founded by Babs Ogundeyi and Musty Mustapha in 2019. [1] [2] [3]
The company initially begun as Kudimoney, or "the bank of the free", an online-only savings and lending platform. It has since undergone a few funding rounds to transform into what is now Nigeria’s first neobank. [4]
Kuda was listed as one of the seven WEF African technology startups of 2021. [5] It won the Neobank of the year by the BusinessDay BAFI (Banking and Financial Institutions) awards in 2021 at the BAFI awards. [6]
In 2024, Kuda and SeerBit announced a partnership through which Kuda's retail customers can make payments on SeerBit's checkout platform without inputting card details. [7]
Kuda is valued at $500 million and has raised over $90 million from investors, including Target Global and Valar Ventures. [8] It is also currently listed as one of the licensed microfinance banks in Nigeria. [9]
Fintech, a portmanteau of "financial technology", refers to the application of innovative technologies to products and services in the financial industry. This broad term encompasses a wide array of technological advancements in financial services, including mobile banking, online lending platforms, digital payment systems, robo-advisors, and blockchain-based applications such as cryptocurrencies. Fintech companies include both startups and established technology and financial firms that aim to improve, complement, or replace traditional financial services.
Revolut Group Holdings Ltd (Revolut) is a global neobank and financial technology company with headquarters in London, UK that offers banking services for retail customers and businesses. It was founded in 2015 by Nikolay Storonsky and Vlad Yatsenko. It offers products including banking services, currency exchange, debit and credit cards, virtual cards, Apple Pay, interest-bearing "vaults", personal loans and BNPL, stock trading, crypto, commodities, human resources and other services.
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A neobank is a type of direct bank that operates exclusively using online banking without traditional physical branch networks that challenge traditional banks.
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The development of neobanks in Europe is a trend in the European financial landscape beginning in the 2010s. Neobanks are a type of digital-only bank that offer financial services primarily through mobile and web applications, with little or no reliance on physical branches. The trend was driven by advancements in technology, changing consumer preferences, and supportive regulatory frameworks. Neobanks provide a range of services, including personal accounts, loans, and payment services, with a focus on user-friendly interfaces, low fees, and innovative features. In 2022, European neobank market have generated over 570B transactions.
Varo Bank is an American neobank headquartered in Salt Lake City, Utah. Launched in 2017, Varo was the first neobank to receive a national bank charter from the Office of the Comptroller of the Currency. The company is led by founder and chief executive officer Colin Walsh.
Grey, formerly known as Aboki Africa, is a financial technology company headquartered in Delaware, US. Founded in 2020 by Idorenyin Obong and Femi Aghedo during the global pandemic of 2020, the company focuses on creating global financial products for digital nomads. Grey is registered and licensed in Canada by FinTrac and the USA by FinCen and operates in the financial service market. The business model of Grey revolves around offering an online platform that facilitates international transactions and currency exchange for users in countries across Africa, the United States, Europe, and now Latin America and South East Asia
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