Kuda Bank
Native name | Kuda Technologies |
|---|---|
| Industry | Banking |
| Founded | 2019 |
| Founders | Babs Ogundeyi Musty Mustapha |
| Headquarters | , |
Key people | |
| Website | kuda |
Kuda Technologies, known as Kuda, is a financial technology company headquartered in London and founded by Babs Ogundeyi and Musty Mustapha in 2019.[1] Kuda operates in Nigeria as Kuda Microfinance Bank under a national microfinance bank license from the Central Bank of Nigeria,[2] with over 7 million customers in the country,[3] and is licensed to provide services in Canada and Tanzania.[4]
History
[edit]Kuda’s Founding and App Launch (2019)
[edit]Kuda was founded in 2019 by Babs Ogundeyi and Musty Mustapha. The company launched its banking app, also called Kuda, in August 2019, offering Nigerians zero banking fees and a free debit card. In September of the same year, Kuda announced that it had raised $1.6 million in pre-seed funding.[5]
Seed Round, COVID-19 Fund, and Payoneer Partnership (2020)
[edit]The company followed its 2019 pre-seed fundraise with a $10 million seed round led by Target Global in November 2020.[6]
In May 2020, the company launched a COVID-19 fund to provide relief to vulnerable groups in Lagos, a city of over 20 million people.[7] In the same year, it partnered with Payoneer to facilitate international business payments to Nigeria.[8]
Series A, Series B Fundraising, and Visa Card Launch (2021)
[edit]In February 2021, Kuda processed over $2 billion worth of transactions per month.[9]
In March 2021, Kuda announced a $25 million Series A led by Valar Ventures,[10] followed closely by a $55 million Series B at a $500 million valuation, making it one of Nigeria's earliest unicorn-status digital banks in August, 2021.[11]
In November 2021, Kuda launched its branded Visa cards in Nigeria, switching from being a third-party card provider to a direct issuer of physical and virtual debit cards.[12]
Kuda Business Launch and UK Remittance Product (2022-2023)
[edit]After reaching the six-million-customer milestone in June 2023,[13] Kuda expanded its offerings to sign up business users with the launch of Kuda Business, an all-in-one business manager for Nigerian freelancers and SMEs, in October 2022, providing business banking, invoicing, and API services.[14]
Kuda extended its services outside Nigeria for the first time in November 2022, piloting a remittance product for Nigerians in the UK to make cross-border transfers up to £10,000 at a flat fee of £3.[15]
Payment Licenses in Tanzania and Canada (2024)
[edit]In March 2024, Kuda acquired payment licenses to offer remittance and multicurrency wallet services in Tanzania and Canada, with a focus on operating as a global neobank for Africans.[16]
National Microfinance Banking License in Nigeria (2025)
[edit]In December 2025, Kuda’s Nigerian subsidiary, Kuda Microfinance Bank, was granted a national microfinance banking license by the Central Bank of Nigeria, allowing it to expand physically across the country.[17]
See also
[edit]
References
[edit]- ↑ "Meet Kuda, the full service money app for Africans - Maddyness UK". Retrieved 2026-02-10.
- ↑ Jaiyeola, Temitayo (2026-01-29). "Kuda MFB gets national licence, plans physical expansion". TechCabal. Retrieved 2026-02-10.
- ↑ Akintaro, Samson (2025-07-08). "Kuda processes N14.3 trillion in transactions in Q1 2025". Nairametrics. Retrieved 2026-02-10.
- ↑ "Kuda secures licenses in Tanzania and Canada". Archived from the original on 2025-02-14. Retrieved 2026-02-10.
- ↑ Bright, Jake (2019-09-11). "Nigerian online-only bank startup Kuda raises $1.6M". TechCrunch. Retrieved 2026-02-10.
- ↑ Hamilton, Alex (2020-11-12). "Nigerian challenger bank Kuda raises $10m in seed funding". Fintech Futures. Retrieved 2026-02-10.
{{cite news}}: CS1 maint: url-status (link) - ↑ Sow, Dominic (2020-04-12). "Nigerian Digital Banking Startup Kuda Launches Fund to Fight COVID-19". FF News | Fintech Finance. Retrieved 2026-02-10.
- ↑ Africa, Tech in (2020-09-01). "Payoneer partners with Kuda Bank to facilitate cross border payments". Tech In Africa. Retrieved 2026-02-10.
- ↑ Eleanya, Frank (2021-03-18). "Kuda raises $25million Series A funding to expand digital banking". BusinessDay. Lagos, Nigeria. Retrieved 2026-02-10.
- ↑ Lunden, Ingrid (2021-03-18). "Kuda raises $25M more led by Valar to become the neobank for 'every African on the planet'". TechCrunch. Retrieved 2026-02-10.
- ↑ Lunden, Ingrid (2021-08-02). "Kuda, the African challenger bank, raises $55M at a $500M valuation". TechCrunch. Retrieved 2026-02-10.
- ↑ Ojewale, Caleb (2021-11-12). "Kuda to directly issue physical, virtual cards following Visa partnership". BusinessDay. Lagos, Nigeria. Retrieved 2026-02-10.
- ↑ Anaesoronye, Modestus (2023-07-20). "Kuda reaches six-million customer base milestone". BusinessDay. Lagos, Nigeria. Retrieved 2026-02-10.
- ↑ Amos, Kobor (2022-10-11). "Kuda launches all-in-one business account to support Nigerian entrepreneurs". The Guardian. Lagos, Nigeria. Retrieved 2026-02-10.
- ↑ Towner, Lauren (2022-11-09). "Kuda, the money app for Africans, launches in the UK". FF News | Fintech Finance. Retrieved 2026-02-10.
- ↑ "Kuda secures payment licences for Tanzania and Canada expansion". 2024-03-19. Retrieved 2026-02-10.
- ↑ Jaiyeola, Temitayo (2026-01-29). "Kuda MFB gets national licence, plans physical expansion". TechCabal. Retrieved 2026-02-10.
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