Nigerian neobank Kuda has hit a whopping ₦55.8 trillion ($61.4 billion) in transactions since its launch in August 2019, with over seven million happy customers, according to CEO Babs Ogundeyi’s New Year message.
Despite facing challenges, Ogundeyi proudly announced their success and the title “the bank of the free.” Kuda secured over $91.6 million in funding, reaching a $500 million valuation after a $55 million Series B funding round in 2021.
Licensed as a microfinance bank by the Central Bank of Nigeria, Kuda offers account opening, money deposits, transactions, and credit services.
Expanding globally, it now provides cross-border payments and holds digital banking licences in the UK and Pakistan.
In 2024, Kuda plans to focus on enhancing existing services, such as Kuda Overdraft, Kuda POS terminal, and Kuda Business. Ogundeyi expressed optimism as he believes this year holds promise for the business regardless of economic forecasts.
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