Kuda
The bank of the free
What it does
Kuda Technologies was founded in 2019 by Babs Ogundeyi and Musty Mustapha as Nigeria's first zero-fee digital-only bank ('the Bank of the Free'). Operating under a CBN microfinance bank license, Kuda provides free transfers, automated budgeting, smart debit cards, and instant overdraft facilities. It has raised significant funding from major VC firms like Target Global and Valar Ventures.
Digital / challenger banks (neobanks)SME-focused digital banksConsumer / retail lendingDigital savings platformsCard issuing & managementBill payments & aggregators
Known for
- Pioneering zero-fee retail digital banking in Nigeria
- Kuda MFB licensed banking platform
- Major VC backing (Valar, Target Global)
- Smart budgeting and free monthly transfers
Model & industry
SaaSAll / Cross-industry
Funding history
$91.6M
Total raised
4
Rounds
Series A
Latest stage
2021
Latest year
| Date | Stage | Amount | Lead investor |
|---|---|---|---|
| 2021-08 | Series B | $55.0M | Valar Ventures |
| 2021-03 | Series A | $25.0M | Valar Ventures |
| 2020-11 | Seed | $10.0M | Target Global |
| 2019-09 | Pre-Seed | $1.6M | — |
Source: Condia Funding Tracker
Products & subsidiaries
Kuda App · Neobank Consumer AppKuda Visa Card · Debit CardKuda Business · SME Banking Platform