Kuda Bank, a Nigerian fintech firm offering banking services via its mobile app, has expanded its global presence by acquiring payment licenses in Tanzania and Canada.

These licenses empower Kuda to provide remittance and multi-currency wallet services to African residents in Canada and Tanzanian customers through the Tanzanian Payment Service Provider (PSSP) license.

Kuda now enters the competitive arena alongside African payment companies like LemFi and Nala, targeting global neobanking solutions for the African diaspora.

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Following its $55 million series B funding, Kuda’s expansion into Tanzania aligns with its commitment to offering innovative banking solutions across Africa. Co-founder and CEO Babs Ogundeyi aims to redefine banking services for Africans worldwide.

Kuda had previously ventured into the remittance market with a payment license in the UK in 2022. While its subscription-based remittance service may have been discontinued, Kuda eyes alternative approaches for its Canadian and Tanzanian markets.

Targeting regions like Canada and the UK with growing Nigerian migrant populations, Kuda sees an opportunity to boost foreign exchange revenue amid challenging FX rates in Nigeria.

Since its 2019 launch, Kuda has witnessed remarkable growth, reporting almost $56 trillion (~$60 billion) in transaction value as of January this year.

As Africa’s fintech sector gains momentum, Kuda stands out for democratizing banking services, particularly for the unbanked and underbanked.

Kuda’s revenue streams primarily stem from fees on airtime purchases, bill payments, and investment income from fixed deposits. With nearly $20 million in annualized revenues and $100 million in monthly deposits, Kuda continues its upward trajectory.