Kuda Doubled its Users from 2.4 million to 4.9 million in 2022

Nigeria’s prominent neobank, Kuda, backed by Target Global,  has tripled its revenue. 

This is reportedly stated in its recent audited financial statements, which were filed with U.K. regulators where the startup is incorporated. 

High Customer Base Leads To Increased Revenue For Kuda

The company’s revenue grew by 190% in 2022, the end date of the recent filing. 

Kuda’s revenue in 2021 was $7.7 million (~£6 million), however as its customers increased, the fintech got a revenue of $22 million (~£17.2 million) in 2022. 

The company also doubled its users from 2.4 million to 4.9 million. 

The company’s growth strategy is very successful, which is noticeable in its high customer base. The company focused on launching new and exciting products over the last two years. This surged its awareness and resulted in a high number of customers.

The new products included international remittances, which was successful. Kuda’s total deposits also doubled from $41 million in 2021 to $100 million in 2022. This is 2024, and the company has grown even further since 2022. 

Kuda Growth Comes With An Increase in Loss

According to a report by the Fintech’s auditor, Kuda’s total assets rose 30% to $154 million in the year under review. Note that almost 80% of its assets are tied to its Nigerian subsidiary.

An anonymous employee of the bank, stated to TechCabal, “We hit 100,000 businesses this year, launched POS terminals, and now offer businesses payroll management services through Bento.”

Also Read: How to delete transaction history on Kuda Easily

However, with the increase in profit, also comes an increase in loss. Kuda losses have continued to grow. 

The business posted a net loss of $32 million, which is double the previous amount a year before. The report reveals that Kuda has now amassed a whopping $55 million in losses since its launch in 2019.