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African neobank Kuda raised $20M at flat valuation in 2023, missed user milestone projection by 3M
Kuda’s recent user milestone fell short of its earlier projections when it sought additional investment from investors last year.
Amid the 2021 venture capital boom, Kuda had actually secured one of Africa’s largest Series B rounds, off the back of growth that had seen the company provide banking services to 1.4 million users in Nigeria — with plans to launch into more countries across the continent and beyond. Similarly, to boost its transaction volumes and revenues, Kuda recently introduced a POS terminal to business customers, placing it in the highly competitive and capital-intensive agency banking market. That said, realizing these objectives may hinge on a couple of factors, including finding a wedge, possibly through its revamped overdraft/microlending product, to improve stickiness and revenue growth — and its ability to secure additional venture capital to scale.
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