Nigerian fintech startup, Kuda, is now available in the UK for remittance services to Nigerians living there. According to a report by Techpoint Africa, the expansion seems to have jumped ahead of planned expansions to African countries like Ghana and Uganda.
The UK service will provide debit and local transfers to Nigerian residents. Speaking about the expansion, the startup’s cofounder, Babs Ogundeyi, says that it marks a part of its plan to service Africans living everywhere.
“Ultimately, Kuda is building a one-stop shop for Africans, including other services outside remittance. And our plan is not just for Africa, but for Africans everywhere. The U.K. is the first of the ‘outside of Africa’ destinations. We plan to be in other African countries and expand the remittance services to customers there and the diaspora market,” Ogundeyi said.
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While the company appears to be waxing strong on all fronts, there have been rumours of investors worrying about its cost management. For example, Kuda had raised $55 million in Series B funding in 2021 and reportedly lost $14.2 million of its funds to operating costs, marketing and nonperforming loans.
Regardless, its UK remittance service will help Africans overcome the challenges of using traditional banking systems to send money to people at home. We are curious to see just how many users the company will corner in the highly competitive area of finance. It faces competition from others like Wise, WorldRemit, and others.
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