11. Kuda

Company: Kuda

Founders: Babs Ogundeyi, Musty Mustapha

Website: https://kuda.com/



About Kuda


Founded in 2019 by CEO Babs Ogundeyi and CTO Musty Mustapha, Kuda is a fintech on a mission to make financial services accessible, affordable and rewarding for every African on the planet – regardless of location. The company has been at the forefront of innovation and financial inclusion in Nigeria since its launch five years ago.

Despite the tough economic conditions which have led to reduced funding across different industries and investment in Africa being cut significantly, Kuda has continued to grow — raising over $90 million USD in funding to date. Its latest funding round – a $55 million Series B in 2021 – was co-led by pan-European investment firm, Target Global, which has €3 billion in assets under management.

Harnessing such a large market and providing the unbanked and underbanked with a platform to take charge of their financial decisions is challenging. Yet, Kuda has amassed over 7 million global customers in just five years. The company caters not only to the Nigerian market but also to Nigerians in the diaspora, including those in the UK (where Kuda expanded its offerings to in late 2022). Its tailored services allow its customers to save and benefit from lower remittance fees. The business continues to grow and has recently secured licences to operate in Canada and Tanzania.

Customer centricity is important to Kuda and it constantly listens to its customers to refine their experience and innovate based on their feedback, ensuring that the app delivers what they need.

Beyond B2C, Kuda recognises the crucial role of micro, small and medium-scale enterprises (MSMEs) in driving economic growth. Launched in 2022, Kuda Business offers these businesses a suite of financial services seamlessly integrated into their operations. MSMEs can manage invoicing, run their payroll, accept payments through virtual and physical POS terminals, and receive real-time account updates — translating to better financial management, lower transaction costs, and improved cash flow. The platform also offers API services to tech and tech-enabled businesses. Two years after its launch, Kuda Business has over 100,000 MSMEs benefiting from using its services.



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