Fintech company Kuda Technologies Limited has laid off staff across multiple departments as part of an operational restructuring aimed at aligning its business with evolving industry dynamics and long-term growth priorities.
The job cuts were disclosed after a company-wide virtual meeting held on March 25, 2026, during which employees joined senior executives. Before the session concluded, hundreds of staff were informed that their roles had been terminated, according to sources familiar with the development.
The restructuring affected several teams, with the marketing department among the hardest hit. Insiders indicated that nearly half of the unit’s workforce—19 out of 40 employees—were impacted. In a statement to TechCabal, the company described the move as part of a broader evolution rather than a response to financial strain.
“Kuda is evolving how the organisation is structured to support the next phase of our growth and scale,” a spokesperson said, adding that the decision reflects alignment with industry benchmarks and long-term strategic priorities.
Affected employees have been offered severance packages, with compensation varying by role and tenure. Some staff are expected to receive up to seven months’ pay, alongside enhanced exit terms tied to legally binding settlement agreements that include waivers of future claims.
Industry wide Challenge
The layoffs underscore a wider recalibration across Africa’s fintech ecosystem, where startups are increasingly prioritising profitability and operational efficiency over aggressive expansion. This shift follows years of investor-driven growth that saw companies scale rapidly, often at the expense of sustainable margins.
Kuda, which serves roughly seven million customers, has made progress in narrowing its losses. The company reported a loss of about $5.83 million in 2024, a significant improvement from $35.11 million recorded the previous year, supported by stronger performance in its Nigerian operations and tighter cost controls.
The fintech last raised external funding in 2024, securing $20 million in equity at a valuation of approximately $500 million, after posting nearly $45 million in cumulative losses over the preceding two years.
