Nigerian neobank Kuda has done ₦55.8 trillion in transactions since its inception in August 2019, CEO Babs Ogundeyi disclosed in a New Year’s greeting to subscribers.
While serving more than seven million clients, the bank, according to Ogundeyi, accomplished this milestone. “We are proud of the headway we made against all odds,” he said.
Kuda, referred to as “the bank of the free,” has raised at least $91.6 million since its founding. The bank reached a $500 million value in 2021 after raising $55 million in a Series B fundraising round.
Licensed by the Central Bank of Nigeria to operate as a microfinance bank, enables its customers to establish accounts, make deposits, conduct transactions, and get loans, the neobank has entered into cross-border payments as part of its service expansion, and it expanded to the UK and Pakistan after obtaining a digital banking licence from the State Bank of Pakistan.
In 2024, the bank intends to put more of an emphasis on its current products such as Kuda Business, Kuda POS terminal, and Kuda Overdraft with Ogundeyi stating that “No matter what economic forecasts say,” the year will be great for the company
