Kuda, the Target Global-backed challenger bank, tripled revenue to $22 million in 2022
- Kuda's revenue grew by 190% in 2022, reaching $22 million.
- The neobank doubled its user base from 2.4 million to 4.9 million.
- Kuda's total deposits more than doubled to $100 million, with significant growth in its business banking segment.
Kuda's revenue and user growth are impressive, indicating strong adoption of its digital banking platform. However, the company's increasing net losses and decline in cash reserves raise concerns about its financial sustainability. Kuda needs to carefully manage its expenses and explore additional funding options to reach breakeven and ensure long-term success.
