About Snug Bank
Snug Bank is a company based in Lagos (Nigeria) founded in 2016. It operates as a B2C, and B2B. Snug Bank offers products and services including Personal Account, Term Deposit Account, Snug Instant Payment, Snug Prepaid Cards, and Business Account. Snug Bank operates in a competitive market with competitors including Fundall, Aladdin, Sterling Alternative Finance, Jufopay and Raven Bank, among others.
- Headquarter Lagos, Nigeria
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Sectors
Financial Services
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Phone
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Website
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Social
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Annual Revenue
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Net Profit
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Latest Funding Round
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Investors
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Products & Services of Snug Bank
Snug Bank offers a comprehensive portfolio of products and services, including Personal Account, Term Deposit Account, Snug Instant Payment, Snug Prepaid Cards, and Business Account. The company's diverse product and service offerings are designed to meet the evolving needs of its customers, address market demands, and provide comprehensive solutions that drive value creation and customer satisfaction across various segments and use cases.
Digital account for everyday personal banking needs.
Account offering up to 3.50% interest on deposits.
Instant global transfers using blockchain technology.
Prepaid cards for shopping and withdrawals anywhere.
Online account for business payments and management.
Funding Insights of Snug Bank
| Date | Amount | Transaction Name | Valuation | Lead Investors | Investors |
|---|---|---|---|---|---|
| Jul, 2021 | Amount | Post-IPO - Grab | Valuation |
investors |
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| Feb, 2021 | Amount | Post-IPO - Grab | Valuation |
investors |
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| Jan, 2021 | Amount | Post-IPO - Grab | Valuation |
investors |
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| Feb, 2021 | Amount | Post-IPO - Grab | Valuation |
investors |
Investments & Acquisitions by Snug Bank
| Company Name | Description | Domain | Location | Founded Year | Amount |
|---|---|---|---|---|---|
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Bionic investment advisor platform
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2016 | ||||
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Fine Asian gourmet food is offered by an internet-first restaurant.
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2016 | ||||
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Physical e-commerce kiosks are deployed for rural purchases in Indonesia.
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2014 | ||||
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Fine Asian gourmet food is offered by an internet-first restaurant.
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2016 |
Financial Statements - Snug Bank
| Date | Amount | Transaction Name | Valuation | Lead Investors | Investors |
|---|---|---|---|---|---|
| Jul, 2021 | Amount | Post-IPO - Grab | Valuation |
investors |
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| Feb, 2021 | Amount | Post-IPO - Grab | Valuation |
investors |
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| Jan, 2021 | Amount | Post-IPO - Grab | Valuation |
investors |
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| Feb, 2021 | Amount | Post-IPO - Grab | Valuation |
investors |
Snug Bank Comparisons
Competitors of Snug Bank
Snug Bank operates in a dynamic and competitive business environment, facing competition from various established players and emerging companies in the market. The competitive landscape includes prominent companies such as Fundall, Aladdin, Sterling Alternative Finance, Jufopay and Raven Bank, among others. This competitive environment drives innovation, market differentiation, and strategic positioning as companies strive to capture market share and deliver value to their customers. Understanding the competitive dynamics is crucial for assessing market positioning, identifying growth opportunities, and navigating the challenges inherent in a competitive marketplace.
| Company Name | Domain | Founded year | HQ Location | Description |
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| domain | founded_year | HQ Location |
Digital banking services are offered to individuals and businesses.
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| domain | founded_year | HQ Location |
Internet-first bank through banking partnership
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| domain | founded_year | HQ Location |
Operates as a digital bank for consumers and businesses.
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| domain | founded_year | HQ Location |
Provides digital tools for payments, transfers, and financial services to individuals and businesses.
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| domain | founded_year | HQ Location |
Operates as an internet-first bank offering retail and business banking through partnerships.
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| domain | founded_year | HQ Location |
Operates as an internet-first bank offering digital financial services.
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| Company Name | Domain | Founded year | HQ Location | Description |
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| domain | founded_year | HQ Location |
Multiple services are booked via an app-based platform.
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| domain | founded_year | HQ Location |
On-demand services are booked through an app-based platform.
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| domain | founded_year | HQ Location |
App based platform offering on demand delivery and ride-hailing services
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| domain | founded_year | HQ Location |
Operates an on-demand hyperlocal delivery app for food and groceries.
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Frequently Asked Questions about Snug Bank
When was Snug Bank founded?
Snug Bank was founded in 2016.
Where is Snug Bank located?
Snug Bank is headquartered in Lagos, Nigeria. It is registered at Lagos, Lagos State, Nigeria.
What does Snug Bank do?
Snug Bank is Nigerias first online-only bank, enabling effortless banking through digital platforms. It offers personal accounts, term deposits, prepaid cards, and instant payments using blockchain technology. Based in Lekki, Lagos, it serves individuals and businesses with online signup and global transfers. The bank focuses on convenience, allowing users to manage finances without physical branches, backed by EcoBank PLC.
Who are the top competitors of Snug Bank?
Snug Bank's top competitors include Fundall, Aladdin and Sterling Alternative Finance.
What products or services does Snug Bank offer?
Snug Bank offers Personal Account, Term Deposit Account, Snug Instant Payment, Snug Prepaid Cards, and Business Account.