FinTech news in kuda bank category

The company numbers are small compared to other layoffs that have taken place within Africa’s tech ecosystem over the past few months, especially among startups that have raised vast sums of venture capital within the last year or two; for instance, Swvl laid off 400; Wave, approximately 300; 54gene, 95; and Vezeeta, 50. Meanwhile, it was just last August that the digital bank, which provides zero to minimal fees on cards, account maintenance and transfers and is one of Africa’s soonicorns, raised $55 million — money that it planned to use to not only double down on new services for Nigeria but also to prepare its launch into more countries on the continent like Ghana and Uganda — in a Series B round that saw it valued at $500 million. As Kuda positions itself for pan-African and international expansion amidst an uncertain venture capital environment, it depicts the recent cut in its workforce as part of strategic steps for sustainable growth. When Kuda held a town hall meeting last month, cutting down seemingly redundant roles and dismissing nonperforming staff to reduce costs and extending runway were topics of conversation in light of current macroeconomic trends, according to sources.