Kuda Bank
Native name | Kuda Technologies |
|---|---|
| Industry | Banking |
| Founded | 2019 |
| Founders | Babs Ogundeyi Musty Mustapha |
| Headquarters | , |
| 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
Kuda’s Founding and App Launch (2019)
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)
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)
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 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)
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)
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)
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
References
- ^ "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 NG. 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 NG. Retrieved 2026-02-10.
- ^ Anaesoronye, Modestus (2023-07-20). "Kuda reaches six-million customer base milestone". Businessday NG. Retrieved 2026-02-10.
- ^ Amos, Kobor (2022-10-11). "Kuda launches all-in-one business account to support Nigerian entrepreneurs". The Guardian Nigeria News - Nigeria and World News. 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.