*Net Loss*: Kuda, a Nigerian neobank, recorded a net loss of $32 million in 2022, despite a significant surge in revenue.
*Revenue Growth*: The company's revenue increased by 190% to $22 million in 2022, up from $7.7 million in 2021.
*User Base Expansion*: Kuda's user base doubled to 4.9 million in 2022, indicating successful product expansion and market entry strategies.
*Operational Costs*: The net loss was primarily driven by increased staffing and operational costs.
*Sufficient Funds*: Despite the loss, Kuda maintains it has sufficient funds to break even and is not seeking additional financing.
*Product Expansion*: Kuda has focused on product expansion, including international remittances, and aggressive market entry into the UK, Canada, Ghana, Tanzania, and Uganda.
*Customer Growth*: The customer growth indicates that Kuda's focus on product expansion and market entry has paid off.
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