Nigerian neobank Kuda, post a $20 million funding round at a $500 million valuation, reveals it missed its 2023 user projection by 3 million, standing at 7 million users. Despite a five-fold growth in its user base since 2021, Kuda faces challenges, with reported losses increasing. The fintech makes strategic adjustments, reducing marketing spending and introducing new credit features. With plans for global expansion and profitability in the next five years, Kuda's unit economics and ability to secure additional funding become crucial for its ambitious goals. Currency devaluation and high customer acquisition costs add complexities to its journey, emphasizing the need to align growth objectives with financial sustainability.

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