Kuda, the trailblazing financial app designed for Africans, has achieved a remarkable milestone by surpassing six million customers in Nigeria. This accomplishment aligns perfectly with their core mission of making financial services more accessible, affordable, and rewarding for individuals across the African continent.
From its inception, this fintech disruptor has been on an extraordinary growth trajectory, reshaping the landscape of Nigerian fintech through innovative marketing and an enhanced banking app that provides a wide array of services, including savings, payments, and credit options, for both retail and business customers.
In an official statement, Babs Ogundeyi, the CEO and founder of Kuda Technologies Limited, expressed his elation at this significant achievement, highlighting it as a testament to the unwavering commitment and resilience of the Kuda team. Their dedication has resulted in the creation of sustainable and groundbreaking solutions that empower Africans to access affordable and high-quality financial services whenever they need them.
“Kuda Microfinance Bank has evolved from a digitally-driven financial solutions startup to an industry leader,” Ogundeyi emphasized. “The announcement of our six-million customer milestone is particularly significant, coming less than a year after reaching the four-million customer acquisition milestone.”
Ogundeyi reiterated the pivotal role of Nigeria in Kuda’s journey, assuring that the ongoing momentum in customer acquisition is a driving force for extending their brand’s influence to other African markets.
“Nigeria is where Kuda’s remarkable story originated, and it remains a cornerstone for us, even as we expand our reach to connect with Africans worldwide,” he affirmed. “Our achievements here serve as both motivation and a blueprint for all the other markets where we will establish our brand of accessible, affordable, and rewarding financial services.”
He further emphasized the fintech’s mission to provide Africans with a superior alternative to traditional finance, delivering services such as free money transfers, business banking, and instant access to credit through digital devices.
Kuda’s journey in Nigeria, spanning four years, has witnessed a series of remarkable achievements, with the attainment of six million customers marking yet another pivotal milestone.
Over this time, Kuda launched its beta app in August 2019 and secured substantial investments, exceeding $90 million, from esteemed institutional investors, including Valar Ventures and Target Global.
In May 2020, Kuda stepped up to support vulnerable communities in Lagos, a sprawling city of over 20 million people, by launching a COVID-19 relief fund. The fintech also established a partnership with Payoneer, a global payments platform, to facilitate international business payments to Nigeria.
Throughout its journey, Kuda raised $10 million from institutional investors in November 2020 and expanded its services, processing over $2 billion in monthly transactions while garnering one million Android downloads by February 2021. Subsequently, in March 2021, Kuda initiated overdraft services, with plans to extend credit offerings to all active customers. This was followed by a “Series A” funding round of $25 million led by Valar Ventures.
Kuda’s rapid ascent continued in August 2021, as it raised $55 million to fuel global expansion in a Series B round co-led by Valar Ventures and Target Global. In the same year, Kuda introduced Visa cards in Nigeria, passed the two million customer milestone in December 2021, and achieved over 1.5 million iOS downloads by February 2022.
March 2022 saw Kuda reaching the three-million-customer milestone, while it scaled up to four million customers by July 2022. November 2022 marked Kuda’s international expansion with its launch in the UK, culminating in the remarkable achievement of crossing the six-million-customer threshold in June 2023.
Kuda has been in our investment portfolio since November 2020, and we continued our support in 2021. We’re thrilled to witness their incredible journey, and reaching six million customers is truly remarkable,” exclaimed Gbite Oduneye, General Partner at ODBA. “Kuda stands as the financial app designed to empower Africans.