Kuda is a full service digital only bank that currently offers mobile-first banking services in Nigeria.
Kuda is designed for your smartphone, free of ridiculous charges and great at helping you budget, spend smartly and save more.
Kuda was founded in 2019 by Babs Ogundeyi and Musty Mustapha. The company is headquartered in London, United Kingdom and Yaba, Lagos, Nigeria.
Kuda is Nigeria's first mobile-only bank licensed by the Central Bank. Zero card maintenance fees, free transfers, automatic savings. Kuda currently provides services for consumers to save and spend money, and it has recently introduced overdrafts (essentially revolving credit for individuals).
Kuda can also issue debit cards (in partnership with Visa and Mastercard), manage payments and transfers, and build all of the services in the stack itself, including those salary account services and loans.
Kuda had registered 300,000 customers: now, that figure has more than doubled to 650,000, and tellingly, that base is spending more money through the Kuda app.
Kuda is backed by Target Global, Valar Ventures, Entrée Capital, SBI Investment and others. The company raised $55M in Series B round on Aug 02, 2021. This brings Kuda's total funding to $91.6M to date. The new round valued the company at $500M post-money.