Kuda Bank is in big trouble with huge cash bleed

The most recent report about Kuda bank is not impressive at all and this may make them lose customers and then see reduced valuation.

Kuda bank started its business as a free bank for Nigeria. After years of operation, the company is in trouble financially.  Recent reports show that the bank lost N6billion because of 69% of their loans. 

They are also spending a lot of money on the market that did not convert to paying clients.

“By the end of the 2021 financial year, Kuda Bank recorded a loss of ₦6,092,554,866 ($14,214,681), a 602% rise from the ₦868,062,000 ($2,025,295) loss it made in 2020, according to a financial report released recently.

So what next for Kuda bank? how can they bounce back and make their way to profitability? Also, what does this means for buy now pay later companies in Nigeria?