Wednesday, January 10th, 2024
Nigerian digital bank, Kuda, has notched up an impressive ₦55.8 trillion (~$61.4 billion) in transactions since its launch in August 2019, according to CEO Babs Ogundeyi’s New Year message to users.
In spite of the challenges, Ogundeyi proudly shared that the bank has successfully served over seven million customers.” Since its inception, Kuda has secured a noteworthy $91.6 million in funding, with a substantial boost in 2021 when it raised $55 million in a Series B funding round, propelling its valuation to $500 million.
Operating under a microfinance bank license from the Central Bank of Nigeria, Kuda currently offers a range of services, allowing users to open accounts, deposit funds, conduct transactions, and access credit. Expanding its reach, the neobank has ventured into cross-border payments and extended its footprint to the UK and Pakistan, acquiring a digital banking license from the State Bank of Pakistan.
Reflecting on the achievements of 2023, Ogundeyi highlighted Kuda’s response to the cash crunch by introducing cashless features and enhancing Kuda Business for Nigerian entrepreneurs. He emphasized that these developments form a solid foundation for the ambitious strides the bank plans to take in 2024.
Looking ahead, Ogundeyi outlined the bank’s 2024 strategy, emphasizing the intensification of focus on existing offerings such as Kuda Overdraft, Kuda POS terminal, and Kuda Business. Expressing optimism for the future, he stated, “Regardless of economic forecasts, I believe that this year holds promise for all of us.”
ODBA champion visionary founders who leverage technology to craft extraordinary success stories. Our portfolio boasts investments in 17 technology companies spanning 10 countries, generating more than 1,500 direct jobs and serving a vast community of over six million users and customers. We take immense pride in the profound impact our portfolio companies have already achieved across the continent and eagerly anticipate future contributions to the transformative landscape of Africa.