Startups Profile

Kudi: Story, Founders, Investors & Funding Rounds

Kudi: Story, Founders, Investors & Funding Rounds

Kudi is a financial technology company that wants to help more people use online banking and finance.

Kudi was started by Yinka Adewale and Pelumi Aboluwarin in 2016. It connects underbanked and unbanked Nigerians to a network of agents who can help with transactions like money transfers, bill payments, and cash withdrawals.

The company started as a simple chatbot that could answer simple questions about money, but it has since grown in what it can do.

They are currently a financial technology company that helps people all over Africa.

They made a chatbot to make it easier to send money and pay bills, but they didn’t stop there.

From their research, they found out that many people in Nigeria don’t have access to bank services.

When they found out what the main problem was, they made the Kudi app just for Agents.

At Kudi, they are always thinking about these kinds of worries and trying to find solutions.

They want you to know that they see you, no matter where you are or what kind of financial transaction you’re trying to make. 

This is true whether you’re in a busy city and trying to pay your bills with your friends or if you live in a remote part of the continent and need banking experience.

At the moment, they are working to make sure that everyone, whether they have a bank account or not, has reasonable access to financial services.

Therefore, they’ll keep asking questions and getting answers until their clients are satisfied with their solutions because they’re doing everything they can to make everyone’s banking better.

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How it Works

The company uses conversational interfaces, natural language processing (NLP), and artificial intelligence (AI) to make transactions easy and quick. 

This makes it possible for more people in developing countries with low incomes to use banking services.

The goal of KUDI is to make financial services cheaper in Africa so that more people can use them.

They do this by giving Africans several digital and non-digital ways to send money and pay bills, such as through Messages, Mobile, the Web, USSD, and a network of Agents.

The Kudi Top-up Account (KTA) makes it easy to add money to your Kudi Wallet from any bank account.

It’s quick and safe, so you never have to go get cash when you want to buy something.

Your Kudi NUBAN (KTA Number), which is a 10-digit Account Number linked to your Kudi wallet, is the key to using KTA.

If you have a bank account with Providus Bank and know your KTA Number, you can transfer money from your bank account to your wallet using the USSD option or by entering your KTA Number into a bank’s website.

When you send money this way, it will show up right away in your bank account.

Please be aware that you can only use this service through USSD, cash deposits in person, or mobile bank transfers.

If your bank doesn’t have the USSD option, please use the bank transfer.

The KTA method of wallet financing is very safe and reliable as long as you follow the rules. Most of the time, you can use this function to add money to your Kudi wallet.

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Getting a KTA Number is also very easy. After putting in the amount you want, go to the “Fund Wallet” section of the app to get your KTA Number.

DISCLAIMER: Kudi will not be held responsible for any charges that were made without your permission since you are responsible for everything that happens on this account.

Ease

They are making it easier to get cash, send money, and pay bills, even in places that are hard to get to through their Agent network.

Speed

When it comes to making payments, time is of the essence. A Kudi transaction can be done in one minute or less at any of their Agent Points.

Founders

Yinka Adewale

Yinka Adewale is the co-founder and the CEO of Kudi. 

He has worked in a variety of jobs throughout three careers. He was the Co-Founder and Co-CEO of Sanwo Touch2Pay Technology Services Limited, among other jobs.

Yinka went to Obafemi Awolowo University, where he got a Bachelor of Science (B.Sc.) in mechanical engineering.

Pelumi Aboluwarin

Pelumi Aboluwarin is a co-founder of Kudi and is also its Chief Technology Officer.

Pelumi Aboluwarin also worked as a Software Engineer at another company before he joined Nexmo.

Investors & Funding Rounds

Partech Africa, Michael Seibel, Khosla Ventures and Y Combinator

Kudi has raised $5 million in a Series A round of funding, which it will use to hire more people, grow its network of agents, and make new products.

The business’s US$5 million Series A funding round was led by Partech Partners, Y Combinator CEO Michael Seibel, and current investors Khosla Ventures and Y Combinator. Kudi has raised a total of $6.7 million so far.

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Kudi plans to use the money from its Series A investment to grow its team and number of agents in Nigeria and to work with banks and other fintech companies to create new financial services.

Main Competitors

SMECorner: This is a company that helps micro, small, and medium-sized businesses get the loans they need.

Root: It makes it possible for brands to sell and include digital insurance.

BancX: Using this Cloud-based infrastructure platform, you can build, configure, release, and grow financial services.

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Nuru: Story, Founders, Investors & Funding Rounds

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