fbpx
Founder Institute Lagos Founder Institute Lagos Founder Institute Lagos
  • Home
  • About
  • Partners
  • Advertise
  • Contact
  • Signup to receive updates
Innovation | Startups | Funding | Tech Blog in Africa
Advertisement
  • Home
  • Startups
  • Hubs
  • Funding
  • WomenTech
  • CleanTech
  • Blockchain
No Result
View All Result
  • Home
  • Startups
  • Hubs
  • Funding
  • WomenTech
  • CleanTech
  • Blockchain
No Result
View All Result
Innovation | Startups | Funding | Tech Blog in Africa
No Result
View All Result
Home Startups West Africa

Challenger Bank Kuda joins Other African Startups in the Lay off Season

by Precious Kassiè
2022/09/02
in West Africa
Kuda - techbuild
Share on FacebookShare on Twitter
Tweet
Share
Share

African challenger bank Kuda has joined the list of tech firms in Africa that has laid off employees.

Kuda acknowledged the layoffs by email according to TechCrunch, stating that it only affected roughly 23 employees or less than 5% of its 450-person staff.

The company’s numbers pale in comparison to other layoffs that have occurred recently within Africa’s tech ecosystem, particularly among startups that have recently raised significant amounts of venture capital.

For example, Swvl laid off 400 employees; Wave laid off about 300; Vezeeta laid off 50 and 54gene laid off 95.

RelatedPosts

ProLocums launches to Transform Nigeria’s Healthcare Staffing with Technology

NCC Extends Hackathon Application for Talent Hunt Research (Sep 30)

Turaco acquires MicroEnsure Ghana to drive Insurance Inclusivity Across Africa

WhoGoHost acquires Cloud-based Communication Startup, SendChamp

The event, however, highlights the variety of efforts that entrepreneurs, including soonicorns and unicorns, are doing. In the case of Kuda, it’s not altogether unexpected, despite the company’s hiring frenzy for designers in July.

In light of recent macroeconomic trends, sources claim that Kuda’s town hall meeting last month covered subjects such as eliminating tasks that appear redundant, firing underperforming employees, and prolonging runway.

The digital bank, which charges zero to minimal fees for cards, account maintenance, and transfers, secured $55 million in a Series B round last August, valuing it at $500 million.

With the money, it planned to expand beyond Nigeria and get ready to launch in Ghana and Uganda, among other African nations. The challenger bank has secured over $90 million from investors

It recently hired ex-Tinkoff executive, Pavel Khristolubov, as its global chief operating officer and former Revolut executive in Europe, Elena Lavezzi, as chief strategy officer to oversee its Pakistan expansion and expand its more than 4 million customer base

Kuda describes the recent reduction in its employment as one of the strategic moves for long-term growth as it positioned itself for pan-African and worldwide expansion amid an unsteady venture capital environment.

According to the four-year-old business, “Kuda is now undertaking some strategic improvements to serve its consumers better and continue to make financial services more accessible, inexpensive, and rewarding to every African.”

In the email, Kuda claimed that the corporation has made significant workforce reductions in a number of divisions. This covers the growth, marketing, and product teams, sources claim.

Swvl, Vezeetea, Wave, Sendy, Market Force, 54 Gene and now Kuda. Which African startup is next?


Don’t miss important articles during the week. Subscribe to techbuild.africa weekly digest for updates

Join @techbuildafrica on Telegram
Tweet
Share
Share
ShareTweetShareSendShare

Subscribe us

Recent Posts

  • Clean Technology Hub announces Africa E-mobility Conference and Exhibition
  • Peach Payments concludes $30M Funding Round
  • LG Electronic Storms Street Foodz Naija Season 4
  • Stitch raises $25M Series A Extension led by Ribbit Capital
  • Applications for MIDEM+ Start-up Battles closes Soon (Oct 8)
  • SBIC 2.0: Surprises as Founder of ‘Mara Nailed It’ Emerges Winner (N50K)
  • ProLocums launches to Transform Nigeria’s Healthcare Staffing with Technology
  • Tech Innovation Awards 2023: Infobip crowned Innovative Cloud Communications Provider of the Year
  • Stakeholders Brace Up for AfriTECH 3.0, ATAEx Awards
  • Exponential Hub partners AfriLabs on ‘Ace Your Pitch’
Innovation | Startups | Funding | Tech Blog in Africa

© 2013-2021 techbuild.africa. All Rights Reserved.

Navigate Site

  • About
  • Contact
  • WE-Forum
  • Privacy
  • Sitemap
  • Terms
  • Blockchain
  • CleanTech

Follow Us

No Result
View All Result
  • Home
  • Startups
  • Hubs
  • Funding
  • WomenTech
  • CleanTech
  • Blockchain

© 2013-2021 techbuild.africa. All Rights Reserved.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In