Kuda launches in the UK with tell.money’s open banking compliance tech
Tell.money, a UK-based developer of open banking services for banks and other account providers, has partnered with Kuda for the latter’s UK launch.
Kuda launches in the UK
Founded in 2019 in Nigeria, Kuda offers a mobile app for Africans to remit funds. The app boasts five million customers today and the company says the UK launch “is the first step in its global expansion to serve overseas based Nigerians”.
Recently, Kuda laid off 5% of its 450-strong workforce, mainly across its growth, marketing and product departments.
Tell.money has deployed its gateway service to ensure Kuda’s Second Payment Services Directive (PSD2) open banking compliance.
“Adherence to PSD2 proves to be a challenge for many fintechs. We were very clear on what Kuda needed and were focused on delivering it to enable their entry into the UK market, supporting the many Africans based in the UK,” comments David Monty, founder and CEO of tell.money.
“It’s rewarding to see that, working with Kuda we have been able to demonstrate that PSD2 need not be the blocker to compliant growth that many fear.”
Earlier this year, tell.money secured £2 million in an angel round led by serial fintech investor Craig Dewar. It also signed a partnership agreement with another money app, Pockit.
