Nigeria's fintech firm, Kuda has passed the six-million milestone in Nigeria with its mobile payment solution platform extending its corporate mandate of making financial services more accessible, affordable, and rewarding for 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, of 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.
“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.
