Kuda, also known as Kuda Technologies Limited, is a Microfinance Bank and fintech company operating in
Nigeria
Nigeria, officially the Federal Republic of Nigeria, is a country in West Africa. It is situated between the Sahel to the north and the Gulf of Guinea in the Atlantic Ocean to the south. It covers an area of . With Demographics of Nigeria, ...
and the
UK. It was founded by Babs Ogundeyi and Musty Mustapha in 2019.
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
A neobank is a type of direct bank that operates exclusively using online banking without traditional physical branches. They challenge traditional banks. In contrast to direct banks, in many cases, neobanks do not have their own banking license ...
.
Kuda was listed as one of the seven
WEF African technology startups of 2021. It won the
Neobank
A neobank is a type of direct bank that operates exclusively using online banking without traditional physical branches. They challenge traditional banks. In contrast to direct banks, in many cases, neobanks do not have their own banking license ...
of the year by the BusinessDay BAFI (Banking and Financial Institutions) awards in 2021 at the BAFI awards.
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.
Kuda is valued at $500 million and has raised over $90 million from investors, including Target Global and
Valar Ventures
Valar Ventures is a US-based venture capital fund founded by Andrew McCormack, James Fitzgerald and Peter Thiel in 2010. Historically, the majority of the firm's investments have been in technology startups based outside of Silicon Valley, incl ...
. It is also currently listed as one of the licensed microfinance banks in Nigeria.
See also
*
Economy of Nigeria
The economy of Nigeria is a middle-income, mixed economy and emerging market with expanding manufacturing, financial, service, communications, technology, and entertainment sectors. It is ranked as the 53rd-largest economy in the world in ter ...
*
List of banks in Nigeria
This is a list of commercial banks and other credit institutions with in Nigeria, as updated late 2024 by the Central Bank of Nigeria.
List of commercial banks
Development Finance Institutions
* Bank of Agriculture
* Bank of Industry
* Dev ...
References
Online banks
Banks of Nigeria
Financial technology companies
Microfinance banks in Nigeria
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