Proof of Usefulness Report

Kuda

Analysis completed on 1/24/2026

+709
Proof of Usefulness Score
Category Standard

Kuda is a major Nigerian neobank (Series B, $500M valuation, ~7M+ users) with verifiable real-world utility and massive traction significantly exceeding the baseline. However, the submission itself was of extremely poor quality, containing vague hyperbolic claims ('everyone', 'most people') and lazy data entry. Despite the weak submission text, the project's actual scale, revenue (~$32M), and impact warrant a high score, adjusted for market risks and current losses.

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Score Breakdown

Real World Utility+230
Audience Reach Impact+170
Technical Innovation+105
Evidence Of Traction+220
Market Timing Relevance+75
Functional Completeness+2
Subtotal+802
Usefulness Multiplierx0.88
Final Score+709

Project Details

Project URL
kudabank.com
Description
Kuda is a digital banking platform that operates primarily in Nigeria, offering a range of financial services through its mobile app. As a fintech company, Kuda aims to provide a seamless and user-friendly banking experience without the traditional fees associated with conventional banks. The platform offers services such as savings accounts, spending accounts, and budgeting tools, along with features like free transfers and no card maintenance fees. Kuda is focused on leveraging technology to enhance financial inclusion and provide accessible banking solutions to its users.

Algorithm Insights

Market Position
Strong market validation with clear user adoption patterns
User Engagement
Documented reach suggests active user community
Technical Stack
Modern tech stack aligned with sponsor technologies

Recommendations to Increase Usefulness Score

Document User Growth

Provide specific metrics on user acquisition and retention rates

Showcase Revenue Model

Detail sustainable monetization strategy and current revenue streams

Expand Evidence Base

Include testimonials, case studies, and third-party validation

Technical Roadmap

Share development milestones and feature completion timeline