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

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