Nigerian digital bank Kuda has achieved a monumental milestone, processing a staggering ₦55.8 trillion (~$61.4 billion) in transactions since its launch in August 2019. This impressive feat, revealed by CEO Babs Ogundeyi in a New Year message to users, comes alongside serving over seven million customers.
"We are proud of the headway we made against all odds," Ogundeyi declared, celebrating Kuda's remarkable journey. Nicknamed "the bank of the free," Kuda has earned significant investor confidence, securing at least $91.6 million in funding since its inception. A stellar $55 million Series B funding round in 2021 propelled the neobank to a valuation of $500 million.
Operating under a microfinance bank license from the Central Bank of Nigeria, Kuda offers a range of core services – account opening, deposits, transactions, and even credit access. Demonstrating its ambition, the neobank has recently expanded its portfolio by venturing into cross-border payments and entering new markets. Kuda's international footprint now embraces the UK and Pakistan, with the latter secured through the acquisition of a digital banking license from the State Bank of Pakistan.
Looking ahead, Ogundeyi outlined Kuda's focus for 2024: intensifying efforts on existing offerings like Kuda Overdraft, Kuda POS terminal, and Kuda Business. Exuding optimism, he stated, "No matter what economic forecasts say, I believe that things are looking up for us all this year."
Kuda's remarkable success story reflects the burgeoning potential of Nigeria's fintech sector. The neobank's focus on accessibility, coupled with its strategic expansion plans, positions it as a key player in shaping the future of finance in the region. With a loyal customer base, a robust platform, and ambitious goals, Kuda is poised to continue disrupting the traditional banking landscape and empowering millions across the continent.
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