Nigerian online-only bank startup Kuda raises $1.6M – gpgmail


Nigerian fintech startup Kuda — a digital-only retail bank — has raised $1.6 million in pre-seed funding.

The Lagos and London-based company recently launched the beta version of its online mobile finance platform. Kuda also received its banking license from the Nigerian Central Bank, giving it a distinction compared to other fintech startups.

“Kuda is the first digital-only bank in Nigeria with a standalone license. We’re not a mobile wallet or simply a mobile app piggybacking on an existing bank,” Kuda bank founder Babs Ogundeyi told gpgmail.

“We have built our own full-stack banking software from scratch. We can also take deposits and connect directly to the switch,” Ogundeyi added, referring to the Nigeria’s Central Switch — a SWIFT-like system that facilitates bank communication and settlements.

A representative for the Central Bank of Nigeria (speaking on background) confirmed Kuda’s banking license and status, telling gpgmail, “As far as I’m aware there is no other digital bank [in Nigeria] that has a micro-finance license.”

 

Kuda offers checking accounts with no monthly-fees, a free debit card, and plans to offer consumer savings and P2P payments options on its platform in coming months.

“You can open a bank account within five minutes, do all the KYC in the app, and you get issued a new bank account number,” according to Ogundeyi. Kuda bank Founder CEO Babs OgundeyiOgundeyi — a repeat founder who exited classifieds site Motortradertrader.ng and worked in a finance advisory role to the Nigerian government — co-founded Kuda in 2018 with former Stanbic Bank software developer Musty Mustapha.

The two convinced investor Haresh Aswani to lead the $1.6 million pre-seed funding, along with Ragnar Meitern and other angel investors. Aswani confirmed his investment to gpgmail and that he will take a position on Kuda’s board.

Kuda plans to use its seed funds to go from beta to live launch in Nigeria by fourth-quarter 2019. The startup will also build out the tech of its banking platform, including support for its developer team located in Lagos and Cape Town, according to Ogundeyi.

Kuda also intends to expand in the near future. “It’s Nigeria for right now, but the plan is build a Pan-African digital-only bank,” he said.

As of 2014, Nigeria has held the dual distinction as Africa’s largest economy and most populous country (with 190 million people).

To scale there, and add some physical infrastructure to its online model, Kuda has correspondent relationships with three of Nigeria’s largest financial institutions: GTBank, Access Bank and Zenith Bank.

He clarified the banks are partners and not investors. Kuda customers can use these banks’ branches and ATMs to put money into bank accounts or withdraw funds without a fee.

“Even though we don’t own a single branch, we actually have the largest branch network in the country,” Ogundeyi claimed.

Kuda’s plans to generate revenues focus largely around leveraging its bank balances. “We plan to match different liability classes to the different asset classes that we create. That’s how we make money, that’s how we get efficiency in terms of income,” Ogundeyi said.

In Nigeria, Kuda enters a potentially revenue-rich market, but its one that already hosts a crowded fintech field — as the country becomes ground zero for payments startups and tech investment in Africa.

Briter Bridges Lagos Nigeria Fintech MapIn both raw and per capita numbers, Nigeria has been slower to convert to digital payments than leading African countries, such as Kenya, according to joint McKinsey Company and Gates Foundation analysis done several years ago. The same study estimated there could be nearly $1.3 billion in revenue up for grabs if Nigeria could reach the same digital-payments penetration as Kenya.

A number of startups — established and new — are going after that prize in the West African country — several with a strategy to scale in Nigeria first before expanding outward on the continent and globally.

San Francisco-based, no-fee payment venture Chipper Cash entered Nigeria this month.

Series B-stage Nigerian payments company Paga raised $10 million in 2018 to further grow its customer base (that now tallies 13 million) and expand to Asia and Latin America.

Kuda CEO Babs Ogundeyi believes the startup can scale and compete in Nigeria on a number of factors, one being financial safety. He names the company’s official bank status and the Nigeria Deposit Insurance Corporation security that brings as something that can attract cash-comfortable bank clients to digital finance.

Ogundeyi also points to offerings and price.”We look to be the next generation bank where you can do everything— savings, payments and transfers — and also the one that’s least expensive,” he said.

 


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Justice Department indicts 80 individuals in a massive business email scam bust – gpgmail


The Justice Department have indicted dozens of individuals accused of their involvement in a massive business email scam and money laundering scheme.

Thom Mrozek, a spokesperson for the U.S. Attorneys Office for the Central District of California, confirmed more than a dozen individuals had been arrested during raids on Thursday — mostly in the Los Angeles area. A total of 80 defendants are allegedly involved in the scheme.

News of the early-morning raids were first reported by ABC7 in Los Angeles.

The 145-page indictment, unsealed Thursday, said the 80 named individuals are charged with conspiracy to commit mail and bank fraud, as well as aggravated identity theft and money laundering.

Most of the individuals alleged to be involved in the scheme are based in Nigeria, said the spokesperson.

But it’s not immediately known if the Nigerian nationals will be extradited to the U.S., however a treaty exists between the two nations making extraditions possible.

U.S. Attorney Nicola Hanna said the case was part of an ongoing effort to protect citizens and businesses from email scams.

“Today, we have taken a major step to disrupt criminal networks that use [business email scam] schemes, romance scams and other frauds to fleece victims,” he said. “This indictment sends a message that we will identify perpetrators — no matter where they reside — and we will cut off the flow of ill-gotten gains.”

These business email compromise scams rely partly on deception and in some cases hacking. Scammers send specially crafted spearphishing emails to their targets in order to trick them into turning over sensitive information about the company, such as sending employee W-2 tax documents so scammers can generate fraudulent refunds, or tricking an employee into making wire transfers to bank accounts controlled by the scammers. More often than not, the scammers use spoofing techniques to impersonate a senior executive over email to trick the unsuspecting victim, or hack into the email account of the person they are impersonating.

The FBI says these impersonation attacks have cost consumers and businesses more than $3 billion since 2015.

Valentine Iro, 31, and Chukwudi Christogunus Igbokwe, 38, both Nigerian nationals and residents of California, are accused of running the operation, said prosecutors.

The alleged fraudsters are accused of carrying out several hundred “overt” acts of fraud against over a dozen victims, generating millions of dollars worth of fraud over several months. In some cases the fraudsters would hack into the email accounts of the person they were trying to impersonate to try to trick a victim into wiring money from a business into the fraudster’s bank account.

Iro and Igbokwe were “essentially brokers” of fraudulent bank accounts, prosecutors allege, by fielding requests for bank account information and laundering the money obtained from victims. The two lead defendants are accused of taking a cut of the stolen money. They then allegedly used illicit money exchanges to launder the money.

Several bank accounts run by the fraudsters contained over $40 million in stolen funds.

The FBI said the agency has seem a large increase in the number of business email scams in the past year targeting small and large businesses, as well as non-profits.


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China’s Transsion and Kenya’s Wapi Capital partner on Africa fund – gpgmail


Chinese mobile-phone and device maker Transsion is teaming up with Kenya’s Wapi Capital to source and fund early-stage African fintech startups.

Headquartered in Shenzhen, Transsion is a top-seller of smartphones in Africa that recently confirmed its imminent IPO.

Wapi Capital is the venture fund of Kenyan fintech startup Wapi Pay—a Nairobi based company that facilitates digital payments between African and Asia via mobile money or bank accounts.

Investments for the new partnership will come from Transsion’s Future Hub, an incubator and seed fund for African startups opened by Transsion in 2019.

Starting September 2019, Transsion will work with Wapi Capital to select early-stage African fintech companies for equity-based investments of up to $100,000, Transsion Future Hub Senior Investor Laura Li told gpgmail via email.

Wapi Capital won’t contribute funds to Transsion’s Africa investments, but will help determine the viability and scale of the startups, including due diligence and deal flow, according to Wapi Pay co-founder Eddie Ndichu.

Wapi Pay and Transsion Future Hub will consider ventures from all 54 African countries and interested startups can reach out directly to either organization, Ndichu and Li confirmed.

The Wapi Capital fintech partnership is not Transsion’s sole VC focus in Africa. Though an exact fund size hasn’t been disclosed, the Transsion Future Hub will also make startup investments on the continent in adtech, fintech, e-commerce, logistics, and media and entertainment, according to Li.

Transsion Future Hub’s existing portfolio includes Africa focused browser company Phoenix, content aggregator Scoop, and music service Boomplay.

Wapi Capital adds to the list of African located and run venture funds—which have been growing in recent years—according to a 2018 study by gpgmail and Crunchbase. Wapi Capital will also start making its own investments and is looking to raise $1 million this year and $10 million over the next three years, according to Ndichu, who co-founded the fund and Wapi Pay with his twin brother Paul.

Transsion’s commitment to African startup investments comes as the company is on the verge of listing on China’s new Nasdaq-style STAR Market tech exchange. Transsion confirmed to gpgmail this month the IPO is in process and that it could raise up to 3 billion yuan (or $426 million).

Transsion sold 124 million phones globally in 2018, per company data. In Africa, Transsion holds 54% of the feature phone market — through its brands Tecno, Infinix and Itel — and in smartphone sales is second to Samsung and before Huawei, according to International Data Corporation stats.

Transsion has R&D centers in Nigeria and Kenya and its sales network in Africa includes retail shops in Nigeria, Kenya, Tanzania, Ethiopia and Egypt. The company also has a manufacturing facility in Ethiopia.

Transsion’s move into venture investing tracks greater influence from China in African tech.

China’s engagement with African startups has been light compared to China’s deal-making on infrastructure and commodities.

Transsion’s Wapi Pay partnership is the second recent event — after Chinese owned Opera’s big venture spending in Nigeria — to reflect greater Chinese influence and investment in the continent’s digital scene.

 

 

 

 

 

 

 


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Venmo launches instant transfers to bank accounts – gpgmail


PayPal -owned payments app Venmo today announced support for instant transfers to U.S. bank accounts. The feature is an optional alternative to Venmo’s standard bank transfer service, which typically takes one to three business days to process transactions. With Instant Transfer, however, funds from your Venmo account can hit your bank account within minutes.

As of January 2018, Venmo has offered Instant Transfers to eligible Visa and Mastercard debit cards for a small fee. At launch, the fee was a flat $0.25, but Venmo bumped it up to 1% of the transferred amount last October. Now, the minimum fee is $0.25 and the maximum fee is $10. Of course, users can still choose the standard transfer option if they don’t want to pay for the convenience of instant payments.

While transferring to a debit card is useful for gaining quick access to cash stored in Vemno, not everyone carries a debit card nor do they always want their funds to go to that card. Bank transfers can also aid small business customers or gig economy workers by moving their Venmo cash to their main account for paying bills, rent and other automatically debited transactions.

The news of an expanded Instant Transfer service comes at a time when Venmo is seeing increased competition from rivals, including Square’s Cash App and the bank-operated Venmo challenger, Zelle. Thanks to its built-in customer base and integrations with U.S. banking apps, Zelle reported $44 billion sent on 171 million transactions in Q2 2019, making it the largest peer-to-peer payment app in the U.S. by a wide margin. Venmo’s payment volume in Q2, meanwhile, was $24 billion.

However, with more than 40 million active accounts, Venmo has more users than some of the U.S.’s bigger banks. And it’s still growing.

Offering an expanded fee-based Instant Transfer service to its customers could increase Venmo’s revenue and help push the service to profitability, along with its other plans — like launching its own credit card, for instance.

Venmo parent company PayPal has also offered instant transfers to bank accounts as of March after first announcing its plans back in 2017.

 


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Apple rolls out Apple Card Preview to select users – gpgmail


Apple Card is getting its first group of public test users today. A limited amount of customers that signed up to be notified about the release of Apple Card are getting the ability to apply for the card in their Wallet app today — as well as the option to order their physical Apple Card.

I’ve been using the card for a few days on my own device, making purchases and payments and playing around with features like Apple Cash rewards and transaction categorization.

A full rollout of Apple Card will come later in August. It requires iOS 12.4 and up to operate.

The application process was simple for me. Portions of the information you need are pre-filled from your existing AppleID account, making for less manual entry. I had an answer in under a minute and was ready to make my first purchase instantly. I used it both online and in person with contactless terminals.

It…works.

The card on the screen has a clever mechanism that gives you a sort of live heat map of your spending categories. The color of the card will shift and blend according to the kinds of things you buy. Spend a lot at restaurants and the card will take on an orange hue. Shop for entertainment related items and the card shifts into a mix of orange and pink. It’s a clever take on the chart based spending category features many other credit cards have built into their websites.

As many have pointed out, if you’re the kind of person that maximizes your points on current cards towards super specific rewards, like travel miles, the rewards system of Apple Card will not feel all that impressive. This is by design. Apple’s aim on this initial offering was to provide the most representational and easy to understand reward metric, rather than to provide top of category points returns.

But it also means that this may not be the card for you if you’re a big travel points maximizer.

I am a points person, and I carry several cards with differing rewards returns and point values depending on what I’m trying to accomplish. Leveraging these cards has allowed me to secure upgrades to higher classes, first class flights for family members and more due to how much I travel. Getting to this point, though, required a crash course in points values, programs and a tight grip on what cards to use when. Shout out to TPG.

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You will not be able to leverage Apple’s card in this way as a frequent traveler. Instead, Apple decided on a (by comparison) transparent rewards methodology: cash back based on a percentage of your purchases in 3 categories.

Those categories are 3% on all purchases from Apple Stores, the App Store and Apple subscriptions, 2% daily cash on any Apple Pay purchase and 1% with the physical card either online or offline.

The cash rewards are delivered daily, and made available to you very quickly on your Apple Cash card balance. Usually in less than a day. You can then do an instant transfer to your bank for a maximum $10 fee or a 1-3 day transfer for free. This cashout is faster than just about any other cash back program out there and certainly way faster cash reward tallying than anyone else. And Apple makes no effort to funnel you into a pure statement credit version of cash back, like many other cards do. The cash becomes cash pretty instantly.

I could easily see the bar Apple sets here — daily rewards tallies and instant cashouts — becoming industry standard.

The card interface itself is multiples better to use than most card apps, with the new Amex apps probably coming the closest. But even those aren’t system level, requiring no additional usernames and passwords. Apple Card has a distinct advantage there, one that Apple I’m sure hopes to use to the fullest. This is highlighted by the fact that the Apple Card application option is present on the screen any time you add a new credit card or debit card to Apple Pay now. Top of mind.

The spending categories and clear transaction names (with logos in many cases) are a very welcome addition to a credit card interface. The vast majority of time with even the best credit card dashboards you are presented with super crappy list of junk that includes a transaction identifier and a mangled vendor ID that could or could not map directly to the name of the actual merchant you purchased from. It makes deciphering what a specific transaction was for way harder then it should be. Apple Card parses these by vendor name, website name and then whatever it can parse on its own before it defaults back to the raw identifier. Way easier.

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A note, during the setup process the card will ask you if you want it to be your payment default for everything Apple and will automatically attach to your Apple stuff like App Store and subscription payments. So keep an eye out for that and make a call. You will get 3% cash back on any apps you buy, of course, even if they’re third party.

The payments interface is also unique in that Apple is pushing very hard to help you not pay interest. It makes recommendations on how to pay chunks of your balance over time before you incur interest. It places 1-3 markers on the circle-shaped interface that show you how much you need to pay off minimum, minimum with no interest and in full. These markers are personalized a bit and can vary depending on balance, due date and payment history.

I really dug hard on how Apple Card data was being handled the last time I wrote about the service, so you should read that for more info. Goldman Sachs is the partner for the card but it absolutely cannot use the data it gathers on transactions via Apple Card for market maps, as chunks of anonymized data it can offer partners about spending habits or any of the typical marketing uses credit card processors get up to. Mastercard and Goldman Sachs can only use the data for operations uses. Credit reporting, remittance, etc.

And Apple itself neither collects nor views anything about where you shopped, what you bought or how much you paid.

And, as advertised, there are no fees with Apple Card.

One thing I do hope that Apple Card adds is an ability to see and filter out recurring payments and subscriptions. This fits with the fiscal responsibility theme it’s shooting for with the payments interface and it’s sorely lacking in most first party apps.

Some nice design touches beyond the transaction maps, the color grading that mirrors purchases and the far more readable interface is a pleasant metallic sheen that is activated on device tilt.

My physical card isn’t here yet so I can’t really evaluate that part of it. But it is relatively unique in that it is nearly featureless, with no printed number, expiration, signature or security codes on its surface.

The titanium Apple Card comes in a package with an NFC chip that allows you to simply tap your phone to the envelope to begin the process of activating your card. No phone numbers to call and, heavens forbid, no 1-800 stickers on the surface of the card.

I can say that this is probably the first experience most people will ever have with a virtual credit card number. The physical card has a ‘hard coded’ number that cannot be changed. You never need to know it because it’s only used in in-person transactions. If it ever gets compromised, you can request a new card and freeze the old one in the app.

For online purchases that do not support Apple Pay, you have a virtual card number in the Wallet app. You enter that number just as you would any other card number and it’s automatically added to your Safari auto-fill settings when you sign up for Apple Card.

The advantage to this, of course, is that if it’s ever compromised, you can hit a button to request an entirely new number right from within the app. Notably, this is not a ‘per transaction’ number — it’s a semi-permanent virtual number. You keep it around until you have an issue. But when you do have a problem, you’ve got a new number instantly, which is far superior to having to wait for a new physical card just to continue making online purchases.

Some banks like Bank of America and Citibank already offer virtual options for online purchases, and third party services like Privacy.com also exist. But this is the beginning of the mainstreaming of VCCs. And it’s a good thing.


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