Kuda, a Nigeria-focused neobank, reported a significant surge in revenue, tripling its earnings according to its latest audited financial statements filed with U.K. regulators.
According to a report published by Techcabal, the company saw a 190% revenue increase in 2022, reaching $22 million (£17.2 million), up from $7.7 million (£6 million) in the previous year.
Experts say the increase was fueled by a sharp rise in customer adoption, with Kuda doubling its user base from 2.4 million to 4.9 million.
Headquartered in the U.K., Kuda offers a digital banking platform that provides services such as payments, loans, and wealth management.
The company operates primarily in Nigeria through its subsidiary, Kuda MFB, which holds a microfinance banking license from the Central Bank of Nigeria (CBN).
In addition to its growth in Nigeria, Kuda has been expanding its product offerings, including the launch of international remittances, and is making strides into new markets such as the U.K., Canada, Ghana, Tanzania, and Uganda.
