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Kuda Bank records 6 billion Naira loss in 2021

Nigerian fintech Kuda cuts 23 jobs

Kuda (also Kuda Bank) has fired 23 people in a bid to cut down jobs costs, as we have seen other tech firms, both home and abroad, do in recent weeks.

In an email to TechCrunch, confirming the news, the digital bank said that the layoff represents only a fraction (less than 5%) of its 450 employees.

The job cuts come after the company’s July 2022 hiring spree for product designers. Also, it had brought in industry experts like former Tinkoff executive Pavel Khristolubov to serve as its global chief operating officer and ex-Revolut executive Elena Lavezzi to grow its customer base as chief strategy officer.

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It means that Kuda may be targeting only redundant roles which were formerly vital but no longer fit its current outlook. Departments like growth, marketing, and product were affected during the job cuts.

“Kuda is currently making some strategic changes to serve its customers better and continue to make financial services more accessible, affordable and rewarding to every African,” it said about the layoffs.

A month before the layoffs, Kuda had held a town hall meeting where its executives discussed nonperforming staff and redundant roles as well as the gloomy tech economic future which has whales like Apple, Facebook, Microsoft, and others pausing hiring.

Now valued at $500 million, after raising $55 million in funding in August 2021, Kuda has its sights set on expanding into other African locations like Ghana and Uganda. Also, it is looking at testing waters beyond its shore with a pilot run in Pakistan.

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Onwuasoanya Obinna

A reader of books and stringer of words. Passionate about Science and Tech. When not writing or reading he is surfing the web and Tweeting.