Kuda – the money app for Africans has passed the six-million customer milestone in Nigeria, extending its corporate mandate of making financial services more accessible, affordable, and rewarding to all Africans.
Since its inception, the fintech has been on a consistent
growth trajectory, making great strides in repositioning the Nigerian Fintech
space through disruptive marketing and its improved banking app that offers
savings, payment, and credit services for retail and business customers.
Announcing the landmark achievement in a statement, Group
CEO/Founder, Kuda Technologies Limited, Babs Ogundeyi expressed excitement over
the recent milepost, describing it as part of the unrelenting commitment and
resilience of the Kuda team to build sustainable and innovative solutions that
enable Africans to enjoy affordable and quality financial services at all
times.
“Kuda Microfinance Bank has grown from a digitally-leveraged
financial solutions start-up to an industry leader, and the announcement of our
six-million customer mark was significant, coming just under a year after
attaining the four-million customer acquisition milestone,” he said.
Ogundeyi noted that Nigeria remains a key market for Kuda,
assuring that the growth momentum in customer acquisition is a motivation to
expand the brand footprint in other African markets.
“Nigeria is where Kuda’s story began and it remains a key
market for us even as we expand to reach Africans in other parts of the world.
Our success here is a motivator and a blueprint for everywhere else we will
establish our brand of accessible, affordable, and rewarding financial services,”
he stated.
“We are giving Africans around the world a better
alternative to traditional finance by delivering services including free money
transfers, business banking, and instant access to credit through digital
devices,” Ogundeyi further said.
In four years of operations in Nigeria, Kuda has recorded
several achievements and the six millionth customer sign-up caps the numerous
noteworthy milestones that the fintech has previously recorded.
In August 2019, Kuda launched the beta app and raised over
$90m from some of the world’s most respected institutional investors including
Valar Ventures and Target Global.
In May 2020, Kuda launched a COVID-19 fund to provide relief
to vulnerable groups in Lagos, a city of over 20 million people. It also
partnered with Payoneer, a global payments platform, to facilitate
international business payments to Nigeria.
In November 2020, Kuda raised $10 million from institutional
investors in a seed round led by Target Global, while in February 2021, it
processed over $2bn transactions per month and passed one million Android
downloads.
Also, in March 2021, Kuda piloted overdrafts with plans to
extend the credit service to all its active customers, announcing “a $25
million Series” A funding round led by Valar Ventures. It spiked up in August
2021 as Kuda raised $55 million for global expansion in a Series B round co-led
by Valar Ventures and Target Global.