Headline : African neobank Kuda tried to raise $20M at flat valuation in 2023, missed user milestone projection by 3M

Read more from the original article on here at techcrunch.com.

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Updated to note that Kuda has now responded to say that it didn’t close a bridge round last year. The story below is modified to reflect that.

Earlier this month, Kuda co-founder and CEO Babs Ogundeyi told users that the Nigerian online challenger bank had reached almost ₦56 trillion (~$60 billion) in transaction value since its 2019 launch. 

Ogundeyi also said that Kuda had achieved a notable milestone, with 7 million retail and business customers as of today. However, the figure falls short of the fintech’s projections when it sought fresh investment last year.

In February 2023, Kuda presented its investors with a pitch for new cash injection. At that time, it claimed 5 million users and predicted this figure would double by the end of 2023, as per an investor pitch deck seen by TechCrunch. Kuda tried to raise an estimated $20 million in the middle of 2023, according to people with knowledge of the fundraising efforts, at the same $500 million valuation it achieved in 2021 when it raised a $55 million Series B round. Kuda did not respond to a request for comment about the round; however, the fintech later clarified that it didn’t close a bridge round after this piece was published. 

Read more from the original article on here at techcrunch.com.

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