Kuda was founded by Babs Ogundeyi and Mustapha Musty after they rebranded Kudimoney to Kudabank in 2019. The startup, since its rebranding, has tried to distinguish itself from other conventional/traditional banks in Nigeria, offering mobile-first, personalized, and cheaper banking services. Kuda raised its first round in 2019 (a $1.6 million pre-seed round), it then closed $10 million in a seed round in 2020. Early this year, it closed a $25 million in Series A fund. So far, Kuda has raised a total of $91.6 million in venture capital funding. Related Article: A Comprehensive List of Digital Banks in Nigeria
What Services Does Kuda Offer?
Kuda offers a wide range of banking services to its customers including interbank transfers, automated savings, free physical debit cards, bills and utility payments, and it recently added ‘loan and overdraft‘ to its collection of services. In conclusion, it is interesting that Kuda is not the only known player in this space. We have seen other startups in recent years spring up all around Nigeria to offer similar solutions. Some very close competitors in that space include Chippercash, Vbank, Fairmoney, Cabon, Sparkle, among others
