This is Exciting…Most banks exist to tie you down with charges. We’re not most banks. Kuda is designed for your
smartphone, free of ridiculous charges and great at helping you budget, spend smartly and save more. says Kuda. We’re the only Nigerian digital-only bank.
The startup was founded last year by Babs Ogundeyi and Musty Mustapha, was formely known as Kudimoney. The two convinced investor Haresh Aswani to lead the $1.6 million pre-seed funding, along with Ragnar Meitner and other angel investors. It is Lagos and London-based company and recently launched the beta version of its online mobile finance platform. Kuda also received its banking license from the Nigerian Central Bank, giving it a distinction compared to other fintech startups. Kuda is the first digital-only bank in Nigeria with a standalone license. We’re not a mobile wallet or simply a mobile app piggybacking on an existing bank,” Kuda bank founder Babs Ogundeyi told TechCrunch.
Kuda offers checking accounts with no monthly-fees, a free debit card, and plans to offer consumer savings and P2P
payments options on its platform in coming months.“You can open a bank account within five minutes, do all the KYC in the app, and you get issued a new bank account number,” according to Ogundeyi.
We’re actually a bank because we have a full banking license, you can tranfer money from your bank to kuda, fund with your card or actually pay cash – we’ve partnered with three of Nigeria’s largest financial institutions: GTBank, Access Bank and Zenith Bank, so you can walk into any of these banks and pay cash to your Kuda account. Ogundeji told CNBC Africa.
Kuda plans to use its seed funds to go from beta to live launch in Nigeria by fourth-quarter 2019. The startup will also
build out the tech of its banking platform, including support for its developer team located in Lagos and Cape Town.
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