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Kuda, the challenger bank in Nigeria and the UK, joined the ranks of generation corporations in Africa that are shrinking.
News of the layoffs, which was first leaked to TechCrunch through sources, was shown via Kuda via email, saying it had laid off less than five percent of its 450 employees, or about 23 people.
The company’s numbers are low compared to other layoffs that have taken positions within the African tech ecosystem in recent months, especially among startups that have raised massive sums of venture capital over the past two years; for example, Swvl dismissed 400 people; Ola, about 300; gene 54, 95; and Vezeeta, 50. However, the event is a testament to the various efforts startups are making, adding those that will soon have horns and unicorns. That’s not entirely a surprise, in Kuda’s case, even though the company introduced a wave of designer hires in July. When Kuda held a meeting in the city’s corridor last month, eliminating likely redundant roles and firing those who don’t perform to cut costs and expand the race were topics of verbal exchange in light of existing macroeconomic trends, according to the sources.
Meanwhile, it wasn’t until last August that the virtual bank, which charges minimal or no fees for cards, account maintenance and transfers and is one of Africa’s next unicorns, raised $55 million, cash it planned to use not only to double the new Nigerias, but also to get ready for its premiere in other countries on the continent such as Ghana and Uganda – in a Series B cycle that valued it. in 500 million dollars-.
The company, which has raised more than $90 million in total from investors such as Valar Ventures and Target Global, also plans to expand outside the gates of Africa to Pakistan. It recently hired Pavel Khristolubov, a former Tinkoff executive, as chief operating officer and Elena Lavezzi, a former Revolut executive in Europe, as chief strategy officer to oversee efforts in this regard and also grow its visitor base by more than $4 million.
Kuda, the African challenger bank, raises $55 million for a valuation of $500 million
As Kuda positions itself for pan-African and foreign expansion in a dubious venture capital environment, it describes its recent downsizing as a component of strategic steps for sustainable growth. accessible, affordable and rewarding for each and every African,” the four-year-old company said, citing the reasons for the layoffs.
Kuda said in the email that discounts for affected staff had been made in the company’s departments. By source, this includes the growth, marketing and product departments.
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