African neobank Kuda raised $20M at flat valuation in 2023, missed user milestone projection by 3M
- Kuda has reached almost ₦56 trillion in transaction value since its 2019 launch.
- Kuda has 7 million retail and business customers.
- Kuda's growth falls short of its projections when it saw fresh investment last year.
Kuda has shown impressive growth in transaction value and customer base since its launch, but it has faced challenges in meeting its projections and expanding to other African countries. The company has also struggled with losses and currency devaluation. While Kuda has made strategic adjustments and introduced new features, it will need to address its unit economics and secure additional funding to achieve its ambitious goals.
