Kudona 3.8% savings Interest ??

Daliah

 Lithuania registered company, subsidiary of a German company called rubard (no kidding!), money allegedly protected by Swiss deposit protection scheme.  In another place on their website, they claim your savings are protected by collateral from the people they lend your money to. This suggests that may be they are a P2P outfit. Whatever, they aren't authorised to do business in the UK.

Albermarle

I think I will give it a miss......

Daliah

On the Lithuanian financial services register, there doesn't appear to be any sign of Kudona, either.






The parent company rubarb does not appear on the FCA register either but does hold a licence from the German equivalent of FCA, BaFin.

ScubadaveUK

Some great comments, it was the Facebook advert I saw and like others I googled them and found nothing so that in itself made me suspicious & curious hence the reason why I asked the question here. Thanks everyone

Daliah

I am following this outfit with interest (no pun intended). Apparently the CEO and one of the co-founders are nephews of the German Chancellor Olaf Scholz. This connection is obviously no substitute for an FCA registration but it’s interesting.

This is an article about their rubarb company. 
https://www.startbase.com/interviews/startup-of-the-month/rubarb/

onthebench

Daliah said:

 Lithuania registered company, subsidiary of a German company called rubard (no kidding!), money allegedly protected by Swiss deposit protection scheme.  In another place on their website, they claim your savings are protected by collateral from the people they lend your money to. This suggests that may be they are a P2P outfit. Whatever, they aren't authorised to do business in the UK.

From the bit you have highlighted, it sounds like they are using people's money to invest in stablecoins (crypto), which can generate high yields (10%+ pa) in a number of places but are of course very risky and not protected by any government insurance!

Scottex99

Yep, that'll be it.

Fireblocks is a crypto unicorn in it's own right, raised at a $4bn val I think, a few months ago. Many of the huge players use them for custody.

Defo not FCA protected I'd think and ironically enough 3.8% is a pretty bad yield for what you can get on stables elsewhere 

DiamondLil

Daliah said:

I am following this outfit with interest (no pun intended). Apparently the CEO and one of the co-founders are nephews of the German Chancellor Olaf Scholz. This connection is obviously no substitute for an FCA registration but it’s interesting.

This is an article about their rubarb company. 
https://www.startbase.com/interviews/startup-of-the-month/rubarb/

Hmmm... politicians and other people's money is not a combination I would have confidence in.

Scottex99

Hey Richard,
Thanks for the reply, some good info there. I've signed up to the waiting list.

I wouldn't agree though that (all) other products are lacking the risk management or insurance. Of course the scammy DEXs are just going to rug but there's big players, centralised and not that are well backed and having been paying higher than that for a long time.

I like the comparison to TradFi rates though.

GL!

jimjames

[DELETED BY FORUM TEAM]

If you really are trying to be transparent then you should get authorised by the FCA. Their reply today confirms that you are not authorised to operate in the UK and have all the hallmarks of a scam.

By the way why does your site make no mention of the risks involved?