Kuda Secures Funding as a Neobank for 'Every African on the Planet'
Grace Mahas — March 18, 2021 — Tech
References: kudabank & techcrunch
Neobanks are financial technology firms that offer internet-only financial services and lack physical branches. Kuda Technologies is one up-in-coming challenger neobank designed "to provide a modern banking service for Africans and the African diaspora, or as co-founder and CEO Babs Ogundeyi describes them, 'every African on the planet, wherever you are in the world'." The brand recently secured $25 million in a Series A being led by Valar Ventures.
“Nigeria is at a tipping point in the adoption of digital banking,” noted Andrew McCormack, a general partner and co-founder at Valar, who led its investment here. “With the rapidly growing, youthful population who are open to new financial alternatives, Kuda is well-positioned to benefit and will transform the landscape of African banking. We are excited to lead their Series A and continue on the journey alongside Kuda.”
Currently, Kuda offers various services or consumers to save and spend money including overdrafts. The neobank hopes to continue adding services as it gains traction and secures more funding.
Image Credit: Kudo
“Nigeria is at a tipping point in the adoption of digital banking,” noted Andrew McCormack, a general partner and co-founder at Valar, who led its investment here. “With the rapidly growing, youthful population who are open to new financial alternatives, Kuda is well-positioned to benefit and will transform the landscape of African banking. We are excited to lead their Series A and continue on the journey alongside Kuda.”
Currently, Kuda offers various services or consumers to save and spend money including overdrafts. The neobank hopes to continue adding services as it gains traction and secures more funding.
Image Credit: Kudo
Trend Themes
1. African Neobanks - Neobanks designed specifically for Africans and the African diaspora are on the rise, with Kuda Technologies being one of the leading challengers.
2. Digital-only Banking - The rise of neobanks offering internet-only financial services is disrupting the traditional brick and mortar banking model.
3. Funding for Neobanks - Neobanks like Kuda Technologies are securing significant funding from investors who recognize the potential in these innovative financial technology firms.
Industry Implications
1. African Banking - The African banking industry has significant potential for disruption and innovation through the rise of neobanks like Kuda Technologies.
2. Financial Technology - The financial technology industry is seeing rapid growth and disruption as neobanks continue to offer innovative digital-only banking services.
3. Venture Capital - Investors in venture capital firms are recognizing the opportunity for significant returns on investment in the neobank industry, as seen with Kuda Technologies' recent funding round.
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