Kuda, the London-based and Nigerian-operating startup taking on incumbents in the country with a mobile-first and personalized set of banking services, is expanding to the U.K. by offering a remittance product to Nigerians in the diaspora.Â
The digital bank has seen some success since launching in Nigeria in 2019. Kuda claims to have up to 5 million users, more than thrice the number it had last August during its $55 million Series B round, money it raised to enter into other African countries like Ghana and Uganda this year.
From an administrative point of view, Kuda’s U.K. move is straightforward. The startup, founded by Babs Ogundeyi and Musty Mustapha, is a U.K.-based fintech that offers financial services to Africans (starting with Nigerians) within and outside Africa. As such, services provided to Nigerian users are done via its subsidiary, Kuda MFB Limited. On the other hand, Kuda EMI Limited is the other su …
