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

Afrobility: Africa Tech and Business

Το περιεχόμενο παρέχεται από το Olumide Ogunsanwo and Bankole Makanju, Olumide Ogunsanwo, and Bankole Makanju. Όλο το περιεχόμενο podcast, συμπεριλαμβανομένων των επεισοδίων, των γραφικών και των περιγραφών podcast, μεταφορτώνεται και παρέχεται απευθείας από τον Olumide Ogunsanwo and Bankole Makanju, Olumide Ogunsanwo, and Bankole Makanju ή τον συνεργάτη της πλατφόρμας podcast. Εάν πιστεύετε ότι κάποιος χρησιμοποιεί το έργο σας που προστατεύεται από πνευματικά δικαιώματα χωρίς την άδειά σας, μπορείτε να ακολουθήσετε τη διαδικασία που περιγράφεται εδώ https://el.player.fm/legal.

3+ y ago 2:41:49

MP3•Αρχική οθόνη επεισοδίου

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

Neobanks in other emerging markets (Brazil & NuBank)
African & Nigerian banking context
Kuda's launch, early history, growth over time & fundraising
Kuda's product & monetization strategy
Competitive positioning, potential exit options
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:

Recommendation: Where you are is not who you are by Ursula Burns & Justin Kan interview of Conor White-Sullivan (YouTube)
Small win: I spent the last week in Lagos! New friends, stimulating conversations and catching up with old friends
Other content: Kudimoney pitch at Startup Bootcamp & 2015 NYTimes article on Amazon’s work culture

We’d love to hear from you. Please email info@afrobility.com to share feedback or propose topics you’d like to hear.

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