How are AI-powered wallets changing fintech and digital payment trends? Tikue Anazodo, co-founder and CEO of Kudos weighs in with his observations and thoughts in this fintech chat:
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Welcome to this GlobalFintech Series chat, Tikue, tell us about yourself and what inspired Kudos? How has the platform evolved over the years?
I started Kudos with my co-founder, Ahmad Ismail, and together we bring extensive experience from building at the intersection of commerce and payments at Google and Affirm.
Kudos began as a browser extension designed to help users select the best credit card for each purchase. Over time, it has transformed into an AI-powered smart wallet that optimizes every purchase to help our members earn more. Over time we have launched innovative features such as MariaGPT, an AI-powered card discovery tool with a database of over 3,000 cards; Dream Wallet, which automatically recommends cards to fill gaps in a member’s wallet based on their spending habits; and Kudos Boost, which delivers personalized rewards that enhance card rewards across over 15,000 partner brands, including Walmart and Sephora.
We’d love to hear about your latest funding and what’s in store down the line for end users? Take us through the funding journey and the challenges faced during it?
We recently completed our Series A funding, led by QED Investors in a preemptive process, so the actual fundraising was not challenging in itself. We are fortunate to have had strong investors like Patron and QED around the table from day one, and most of the Series A investors had been big believers in Kudos from the onset. The biggest task we faced between raises was setting ambitious goals, clearly communicating these to our investors, and aggressively executing to exceed those goals.
This funding will enable us to roll out new features and partnerships that automatically unlock more value for our members with every purchase.
Can you talk about some of the latest AI powered wallet innovations from the global fintech market that have piqued your interest and why? How do you see AI changing the game for the larger fintech market?
The most exciting developments in AI-powered wallets leverage data from existing consumer behavior to make financial lives easier and more rewarding by unlocking personalized value across the entire consumer finance journey. For example, we can analyze how you spend money and then recommend the best credit cards and financial products for you or suggest personalized merchant offers based on where we predict you might want to spend money in the near future.
At Kudos, we have features like Dream Wallet, which suggests the perfect cards to add to your wallet based on your spending habits, and Kudos Boost, which offers personalized rewards at thousands of popular stores. These innovations help people get the most out of their money by making smarter choices and earning more rewards for purchases they would have made anyway.
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Take us through a deeper dive of some of Kudos’s AI powered features (upcoming and current)?
Today, Kudos features MariaGPT, an AI-powered card discovery tool with a database of over 3,000 credit cards. MariaGPT recommends the best cards based on individual user needs and spending habits. We also offer Kudos Boost, which provides personalized rewards at over 15,000 popular stores, and Dream Wallet, which analyzes spending habits to suggest the perfect cards to maximize rewards and benefits.
Looking ahead, we plan to leverage AI to further personalize Kudos Boost offers and Dream Wallet recommendations. We also plan to launch new features that provide deeper insights into users’ overall financial health.
What would you share about or highlight when it comes to AI and safe standards/regulations for fintech?
When it comes to AI and safe standards/regulations for fintech, it’s crucial to emphasize the importance of transparency, data privacy, and compliance with regulatory frameworks. AI has the potential to revolutionize financial services by offering personalized experiences, but it must be implemented responsibly, especially in the context of how we leverage consumer financial data. This means adhering to stringent data protection standards and maintaining clear communication with users about how their data is used and the value exchange involved.
At Kudos, we prioritize these principles by continuously updating our protocols to protect user information and build trust. Additionally, we quantify the benefits of our recommendations to members, demonstrating how much more they can earn or save by following our recommendations.
If you had to share a few last thoughts on the future of global fintech before we wrap up, that would be great!
The future of global fintech will see technologies making financial services more personalized, efficient, and secure, empowering users to make smarter financial decisions with ease. At Kudos, we’re excited to be at the forefront of this transformation, committed to empowering our users and shaping the future of finance.
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[To share your insights with us, please write to psen@itechseries.com ]
Founded in 2021 and featured on Forbes’ 2024 Fintech 50 list, Kudos is an AI-powered smart wallet trusted by over 200,000 members. The platform automates financial decisions by choosing the best payment method at checkout, tailoring credit card recommendations to individual spending habits, and delivering actionable insights that boost earnings and savings. Kudos simplifies the complex realm of personal finance, integrating seamlessly into the daily routines of its members while upholding rigorous security and privacy standards.
Tikue Anazodo is the co-founder and CEO of Kudos, the AI-powered smart wallet that automatically maximizes consumer rewards and benefits on every purchase. Before founding Kudos, Tikue developed consumer payment products at both Google and Affirm.
Born in Nigeria, Anazodo moved to the United States in 2009 to attend Columbia University, where he studied computer science. During his time as a student, he encountered the complexities of applying for his first credit card, a challenge that inspired his later innovations in the financial technology space.
Anazodo’s professional journey includes impactful roles at some of the world’s leading tech companies. At Microsoft, he honed his technical skills, which he further developed while working on consumer payment products at Google and Affirm. These experiences equipped him with the insights and expertise necessary to launch Kudos in 2021.
