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- Kuda
Kuda Revenue, Valuation, Funding & Investors
Kuda is valued at $500M as of January 2024.
Last Kuda valuation
$500M
Undisclosed stage · Jan 2024
Last Kuda funding round
$20M
Undisclosed stage · Jan 2024
Kuda revenue
$7M
Series B · Aug 2021
Key investors in Kuda
Target Global
Valar Ventures
ODBA
SBI Investment
Entrée Capital
Outrun Ventures
About Kuda
Kuda is a London- and Lagos-headquartered digital bank focused primarily on Nigeria, offering mobile-first banking services including personalized accounts, low-cost transfers, and overdrafts for consumers, along with business tools such as Kuda Business, point-of-sale terminals, and working-capital products for small businesses. Launched in 2019 after rebranding from a lending platform, Kuda holds a banking license from the Central Bank of Nigeria and built its user base among young Nigerians, students, freelancers, and professionals, reaching millions of registered customers with free basic banking services.
Founded
2019
HQ
Website
Status
Privately held
Customer focus
B2C
Revenue model
Services
Revenue
$7M (Aug 2021)
Valuation
$500M (Jan 2024)
Sectors
Kuda Valuation
Kuda is currently valued at $500M, based on its undisclosed-stage round in January 2024.
Kuda's valuation has moved from $500M at its Series B in August 2021 to $500M in January 2024, across 2 priced rounds.
Kuda valuation by funding round
Revenue multiple| Date | Stage | Valuation | Revenue Multiple |
|---|---|---|---|
| Jan 2024 | Undisclosed stage | $500M | - |
| Aug 2021 | Series B | $500M | 71.4x |
Kuda Revenue
Kuda's latest recorded revenue is $7M, as of its Series B in August 2021. At a $500M valuation, that implies a 71.4x revenue multiple.
Kuda revenue by funding round
| Date | Revenue * | Valuation | Revenue Multiple | Stage |
|---|---|---|---|---|
| Aug 2021 | $7M | $500M | 71.4x | Series B |
* Revenue (or ARR) figures are the values recorded alongside each funding round. Typically run-rate revenue at the time of the deal, or a reported LTM (last 12 months) revenue.
Kuda Funding History
Kuda has raised a total of $112M across 5 funding rounds.
Kuda's first fundraising round was a $2M pre-seed round in September 2019. The most recent completed round was a $20M undisclosed-stage round in January 2024.
Kuda funding rounds
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| Jan 2024 | Undisclosed stage | - | $20M | $500M | Kuda is a London-based digital challenger bank operating primarily in Nigeria, offering mobile-first banking services including personalized accounts, cheaper transactions, and business tools like Kuda Business, POS terminals, and overdrafts. It has grown rapidly, reaching 1.4 million registered users by early 2022 after doubling from 650,000 in March 2021, and later hitting 7 million customers by early 2024 with ₦55.8 trillion (~$61.4 billion) in cumulative transaction value since 2019. Kuda's last confirmed public VC round was a $55 million Series B in 2021 at a $500 million valuation, co-led by Valar Ventures and Target Global with participation from SBI and angels, bringing total funding to $91.6 million; funds supported Nigerian services and African expansion. In mid-2023, Kuda sought ~$20 million at a flat $500 million valuation but missed user projections (claimed 5 million, forecasted 10 million by year-end, actual ~7 million). Revenue grew to $32 million in 2023 (up from implied prior levels yielding 25x multiple at $500M valuation in 2022), with operating costs at $44.8 million. At $500M valuation, 2023 revenue implies ~15.6x multiple, higher than peers like Nubank (8.4x) and Monzo (5.4x). Kuda plans to license its proprietary banking software for additional monetization and focuses on cost reduction for profitability, eyeing pan-African scaling despite economic challenges like currency devaluation. |
| Aug 2021 | Series B | Target Global (lead); Valar Ventures (lead); Silverbacks Holdings; SBI Investment; ODBA | $55M | $500M | Kuda is a Nigerian neobank offering digital banking services through a mobile app, targeting young Nigerians aged 18-35, students, freelancers, and professionals with free basic services, instant account opening, debit cards, and money transfers. It generates revenue primarily from interest on customer loans and overdrafts, treasury investments, banking fees, partner commissions, and card transaction interchange fees while maintaining a conservative lending model. In February 2021, Kuda raised $55 million in a Series B round led by Target Global and Valar Ventures, with participation from ODBA, SBI Investment, and Silverbacks Holdings, at a post-money valuation of $500 million. The funding supported expansion amid rapid user growth, though specific use of funds details are not outlined in available reports. By early 2021, customer acquisition costs were high at $4-5 per user, 2-3x revenue per user, highlighting unit economics challenges. For the 2021 fiscal year near the round date, Kuda reported revenue of $7.48 million, a 4,315% increase from $169,273 in 2020, driven by growth in app users and transactions. However, losses surged 602% to $14.2 million, fueled by high operating expenses including a 500% rise in employee costs, marketing for brand awareness and talent acquisition, and severe credit impairments from a 69% non-performing loan ratio on $5.28 million in loans—far exceeding the traditional banking sector's 4.8% average. Kuda's lending product faced criticism for poor risk assessment via app-based vetting compared to traditional banks' business lending, prompting calls for restructuring its retail and business loan strategy. Despite these issues, the company continued scaling, reaching nearly 7 million users by 2023 and introducing POS terminals for business customers to boost transaction volumes in the competitive agency banking market. Post-2021, Kuda sought additional capital, including a failed $20 million bridge round in 2023 at its flat $500 million Series B valuation, as losses persisted into 2022 ($18.5 million) and 2023 ($40 million) amid naira devaluation and rising costs, though revenue grew to $21.5 million in 2022 and $32.1 million in 2023. |
| Mar 2021 | Series A | Valar Ventures (lead); Target Global; ODBA; Entrée Capital | $25M | - | Kuda is a London- and Lagos-headquartered mobile-first neobank offering no-fee digital banking services primarily in Nigeria, targeting consumer and business users with personalized features built on API-based infrastructure. Launched in 2019 after rebranding from a lending platform, it secured a banking license from the Central Bank of Nigeria and rapidly grew its customer base from 300,000 in November 2020 to 650,000 by March 2021, processing significant transaction volumes including $500 million monthly by late 2020 and over $2 billion in February 2021. In March 2021, Kuda raised $25 million in a Series A round led by Valar Ventures—Peter Thiel-backed and marking their first African investment—with participation from Target Global and other unnamed investors. This followed a record $10 million seed round in late 2020 led by Target Global, bringing total funding to over $36 million since inception including prior pre-seed capital. By the Series B, users reached 1.4 million. Investors cited Nigeria's digital banking adoption surge among a youthful population as key to Kuda's potential to transform African banking. Kuda plans to use funds for Nigerian growth, new features like overdrafts based on user data, and continental expansion. Valar Ventures' general partner Andrew McCormack emphasized the market's nascent potential and Kuda's approach, comparing it to their prior fintech bets like N26 and TransferWise. |
| Nov 2020 | Seed | Target Global (lead) | $10M | - | Kuda, a Nigeria-based digital challenger bank offering mobile-first banking services including microfinancing, expense tracking, and money management, raised $10 million in a seed round in November 2020 led by Target Global, with participation from Entrée Capital, SBI Investment, and individual fintech founders. This marked the largest seed round in Africa at the time, following a $1.6 million pre-seed, aimed at accelerating pan-African expansion and developing ethical banking products. At the time, Kuda had launched its beta services and was building in-house core banking infrastructure to operate independently without relying on other financial institutions. The company planned to secure full licenses in key regions while potentially partnering elsewhere. By early 2021, ahead of its Series A and B rounds, Kuda processed over $2 billion in monthly transactions and had grown to 1.4 million users. |
| Sep 2019 | Pre-seed | Haresh Aswani (lead); Ragnar Meitern; Outrun Ventures | $2M | - | - |
Who has invested in Kuda?
9 investors have backed Kuda across its funding rounds, including Target Global, Valar Ventures, ODBA, SBI Investment, Entrée Capital and Outrun Ventures.
Lead investors include Target Global, Valar Ventures and Haresh Aswani.
Kuda Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| 3 | Lead | Nov 2020 | ||
| 2 | Participant | Mar 2021 | ||
| 2 | Lead | Mar 2021 | ||
| 1 | Participant | Sep 2019 | ||
| 1 | Lead | Sep 2019 | ||
| 1 | Participant | Aug 2021 | ||
| 1 | Participant | Aug 2021 | ||
This data is available for Pro users. Sign up to see all 9 Kuda investors. Start Free Trial | ||||
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Start Free TrialKuda Competitors
Kuda competitors include listed companies like Morrow Bank and Valu, and private ones like Aspora, NiYO Solutions, Neo Financial and Atom Bank.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Private | - | - | $500M | - | ||
| Private | $13M | - | $500M | 38.5x | ||
| Private | - | - | $510M | - | ||
| Publicly listed | $137M | - | $514M | 2.9x | ||
| Private | $101M | - | $481M | 4.8x | ||
| Publicly listed | $108M | $22M | $440M | 7.0x |
Kuda Public Comps
Kuda is still privately-owned, but its public comps include Morrow Bank, Valu, Rhino Bitcoin, Lesaka Technologies, NewtekOne, Bank Jago, Green Dot, Instabank, First Internet Bank and Amar Bank.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $137M | - | 3.7x | 2.9x | - | - | |||
| $108M | $22M | 4.1x | 7.0x | 20.2x | - | |||
| $478K | ($417K) | 1242.8x | - | (1423.4x) | - | |||
| $722M | $67M | 0.5x | 0.8x | 5.5x | 4.7x | |||
| $267M | - | 1.3x | 1.1x | - | - | |||
| $145M | - | 5.1x | 3.7x | - | - | |||
| $2.1B | ($12M) | 0.4x | 0.3x | (63.9x) | 4.2x | |||
| $65M | - | 3.8x | 3.0x | - | - | |||
This data is available for Pro users. Sign up to see all Kuda competitors and their valuation data. Start Free Trial | ||||||||
Common questions about Kuda
| When was Kuda founded? | Kuda was founded in 2019. |
| Where is Kuda headquartered? | Kuda is headquartered in Nigeria. |
| Is Kuda publicly listed? | No, Kuda is a private, VC-backed company. |
| What is Kuda's valuation? | Kuda was last valued at $500M in its undisclosed-stage round in January 2024. |
| How much funding has Kuda raised? | Kuda has raised $112M across 5 funding rounds. |
| What was Kuda's last funding round? | Kuda's last funding round was a $20M undisclosed-stage round in January 2024. |
| Who are Kuda's investors? | Kuda's investors include Target Global, ODBA, Valar Ventures, Ragnar Meitern, Haresh Aswani, Silverbacks Holdings, SBI Investment, Entrée Capital and Outrun Ventures. |
| What is Kuda's revenue? | Kuda's latest recorded revenue is $7M (August 2021). |
| What is Kuda's revenue multiple? | Kuda's latest valuation implies a 71.4x revenue multiple ($500M valuation on $7M of revenue). |
| Which companies are comparable to Kuda? | Companies comparable to Kuda include Aspora, NiYO Solutions, Neo Financial, Morrow Bank, Atom Bank and Valu. |
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