#34: Kuda Bank - How Nigeria’s most popular Neobank is scaling to offer financial services to “every African on the planet”

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By Olumide Ogunsanwo & Bankole Makanju, Olumide Ogunsanwo, and Bankole Makanju. Discovered by Player FM and our community — copyright is owned by the publisher, not Player FM, and audio is streamed directly from their servers. Hit the Subscribe button to track updates in Player FM, or paste the feed URL into other podcast apps.

Overview: Today, we’re going to discuss Kuda Bank - the African neobank. We’ll explore the Kuda story across 6 areas:

  1. Neobanks in other emerging markets (Brazil & NuBank)
  2. African & Nigerian banking context
  3. Kuda's launch, early history, growth over time & fundraising
  4. Kuda's product & monetization strategy
  5. Competitive positioning, potential exit options
  6. Overall outlook

This episode was recorded on July 25, 2021.

Companies discussed: Kuda Bank, Nubank, Carbon, N26, Monzo, Chime, GTBank, Stanbic IBTC, Sparkle, Rubies, Monzo, Xinja, Chime & Chipper Cash

Business concepts discussed: Neobank / Challenger bank / digital bank strategy, consumer FinTech monetization strategy, consumer lending, retail banking strategy, customer segmentation strategy & low-end disruption

Conversation highlights:

  • (01:00) - Why we’re talking about Kuda Bank
  • (05:50) - Neobanks in other emerging markets - Nubank background
  • (18:30) - Africa banking background
  • (26:50) - Traditional banks vs Neobanks
  • (35:20) - Banking context in Nigeria; Nigeria’s banking sector
  • (47:40) - Founding and early history
  • (1:02:27) - Seed fundraising
  • (1:11:50) - Series A fundraising
  • (1:18:40) - Product strategy
  • (1:26:30) - GTM & partnerships strategy
  • (1:33:47) - Monetization strategy
  • (1:50:16) - Competition - Neobanks, traditional banks & other FinTechs
  • (2:05:00) - Potential exit options
  • (2:10:29) - Olumide’s overall thoughts
  • (2:18:18) - Bankole’s overall thoughts
  • (2:32:35) - Recommendations & small wins

Olumide’s recommendations & small wins:

  • Recommendation: What did I spend my money on after selling twitch (by Justin Kan. Fascinating conversation about wealth, managing money after a windfall, investments, private companies, exits, etc) & The Everything store (by Brad Stone) - Amazing book, amazing story. Amazing company. Favorite part is when author talks about Jeff's most famous insults. Hilarious!
  • Small win: NYC trip last weekend - So much fun partying with friends.
  • Other content: Monzo is “struggling"

Bankole’s recommendations & small wins:

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38 episodes