Kuda Bank Achieves Monumental Milestone, Records N55 Trillion in Transaction Since Launch
Nigerian fintech company Kuda Bank has achieved a monumental milestone after it recorded ₦55.8 trillion (~$61.4 billion) in transactions since its launch in August 2019.
This was revealed by the startup CEO Babs Ogundeyi, who stated that the bank achieved this feat while serving over seven million customers. “We are proud of the headway we made against all odds”, he added.
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.
The startup initially began as Kudimoney an online-only savings and lending platform, and has since undergone a few funding rounds to transform into what is now Nigeria’s first neobank.
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.
Since its emergence, the Bank has continuously provided unique banking services based on modern practices and infrastructure. In 2021, the startup was listed as one of the seven WEF African technology startups.
In its plans for 2024, the CEO stated that the bank plans to intensify its focus on existing offerings, including Kuda Overdraft, Kuda POS terminal, and Kuda Business. Expressing optimism, he mentioned, “No matter what economic forecasts say, I believe that things are looking up for us all this year”, he said.
The fintech company is on a mission to make financial services more accessible, affordable, and rewarding for every African on the planet.
