Employees joined a video call with senior executives on Wednesday, March 25, where many learned their roles had been terminated. The cuts affected several departments, according to people familiar with the process and internal documents.

In a response sent on Friday, a company spokesperson said: “Kuda is evolving how the organisation is structured to support the next phase of our growth and scale. This is not a decision driven by financial pressure, but part of the natural evolution of a company at our stage, aligning with industry benchmarks.”

Executives told staff the decision was not tied to individual performance. Instead, they said it followed a strategic review that looked at long-term priorities and how the company compares with others in the sector.

“As part of this process, some roles across the business have been impacted. We know this is difficult, and these were not decisions we took lightly,” the spokesperson added.

“We are supporting those affected with enhanced severance packages and practical transition support, while staying focused on serving our customers and continuing our long-term growth.”

Inside the company, the announcement did not land smoothly, as some employees found it difficult to join the initial call after the meeting link failed.

When it finally started, executives confirmed the layoffs without much detail, leaving questions about how decisions were made.

One internal document sent to affected staff read: “Following a strategic review of future operational priorities, industry benchmarking, and long-term direction, the Company has identified the need to restructure and reorganise certain departments.”

The impact affected some teams more. Nineteen out of forty employees in the marketing unit were affected, according to two people who said they were part of the process.

Kuda has offered severance packages that differ by role and length of service. Some employees expect payouts of up to seven months’ salary and the company is also proposing an enhanced exit option tied to a settlement agreement.

Part of the notice states: “The enhanced severance payment would be conditional upon you entering into a legally binding settlement agreement… [and] agree not to bring any claims.”

The layoffs come at a time when the company’s financial position has been improving. Losses dropped from $35.11 million in 2023 to $5.83 million in 2024. Revenue from its Nigerian unit nearly doubled to ₦21.2 billion, while operating costs fell.

At the same time, activity on the platform has grown. Kuda processed transactions worth ₦14.3 trillion in 2025, more than in its first five years combined. It also issued ₦16.4 billion in overdrafts, a 43% increase over the previous quarter.

Even so, the environment for fintech firms has changed. Funding into African fintech dropped by more than half in 2024 compared with the peak years of 2021 and 2022.

Investors now want clear profit, not just rapid customer growth. Kuda’s $20 million raise in 2024, at a $500 million valuation, shows that change in direction.

Across the industry, others are making similar moves. Companies such as OPay and Moniepoint have adjusted their teams in recent months, while Flutterwave has faced regulatory issues in key markets.

At the same time, oversight from the Central Bank of Nigeria and foreign exchange limitations continue to weigh on margins.

Kuda, which has about seven million customers, is also dealing with stronger competition from traditional banks expanding their digital services.

As it stands, Kuda Bank says the restructuring is about positioning for growth. Inside the business, however, the sudden nature of the cuts has left many employees trying to make sense of what comes next.

The post Kuda Cuts Jobs in Restructuring Despite Revenue Growth in 2026 appeared first on Tech | Business | Economy.

The new capital will support the expansion of its global operations, strengthen its regulatory presence, and enhance its institutional banking infrastructure.

The round saw participation from Tether Investments, Quona Capital, Wintermute, Helios Digital Ventures, Financial Technology Partners, Yolo Investments, Kazea Fund, and GC&H Investments. With this latest injection, Pave Bank’s total funding now exceeds $44 million.

Founded on the belief that the future of money is programmable, Pave Bank aims to provide a single, regulated platform for institutions managing both fiat and digital assets. 

The bank integrates commercial banking services, such as deposits, payments, foreign exchange liquidity, and treasury management, with digital asset solutions including instant settlements and OTC trading.

“The global financial system is moving towards regulated on-chain finance, and institutions need a trusted bridge between the old and the new,” said Salim Dhanani, co-founder and CEO of Pave Bank. 

“We have built a multi-asset bank that merges the stability and prudential oversight of traditional finance with the automation, speed, and intelligence of digital assets. This is about redefining how money moves safely, transparently, and automatically across the world’s financial systems.”

Through its unified interface, businesses can manage fiat and digital assets in real time, automate treasury operations, and eliminate the inefficiencies of multiple intermediaries. Exchanges, corporates, and institutional investors can streamline operations, optimise liquidity, and ensure compliance, all under a single regulatory framework.

Since its inception, Pave Bank has prioritised sustainable growth and operational efficiency over rapid expansion. In its first nine months, the company recorded profitability in seven, supported by automation and technology-driven systems across compliance, treasury, and engineering functions. 

Despite a lean team of just over fifty professionals, Pave Bank maintains a focus on intelligent scaling while safeguarding risk management.

“The companies we serve are large, sophisticated corporations and institutions operating across markets,” Dhanani added. “They expect their bank to be as fast and adaptive as the technology companies they partner with, but with the security, compliance, and oversight of a regulated financial institution. That’s the gap we’re closing.”

Investors share this long-term vision. “As digital assets become an integral part of the global financial ecosystem, there is a strong need for a well-regulated, full reserve approach to banking at the intersection of fiat and digital assets. Pave Bank is at the forefront of this fundamental shift in how financial infrastructure operates and we are excited to partner with them,” said Rachit Parekh, partner at Accel.

Ganesh Rengaswamy, partner at Quona Capital, also noted the potential of Pave’s model. “By powering mainstream fintechs and digital platforms through its programmable banking infrastructure, Pave is leading the new age transformation in financial services and enhancing the experience for end-users. 

“Pave’s programmable, full-reserve approach combines the best of traditional banking and digital assets and has the potential to catalyse widespread adoption of stablecoins, deepening financial inclusion across markets. It’s an ambitious vision grounded in real-world execution.”

The funding shows institutional trust in programmable and regulated finance is growing. Pave Bank’s hybrid model stands out as one of the few that can handle stablecoins, bitcoin, and traditional currencies under the same prudential standards. 

The company will continually work closely with regulators to ensure compliance and interoperability across different jurisdictions.

Pave Bank plans to expand its licences, enhance its programmable treasury and institutional products, and strengthen ties with major financial and digital asset networks. Its long-term goal is to become the global financial institution where the traditional and digital economies converge.

The post Pave Bank Raises $39 Million to Scale World’s First Programmable Bank for Digital Assets appeared first on Tech | Business | Economy.

The fund, named Accion Venture Lab Fund II, LP, is managed under Accion Impact Management’s venture strategy, now rebranded as Accion Ventures. 

It is the continuation of a decade-long initiative to back startups providing affordable and inclusive financial tools. Since 2012, the strategy has invested $59.4 million in 76 companies across 39 countries, with 13 successful exits.

The new fund brings in commitments from a mix of old and new investors, including development finance institutions, family offices, asset managers, foundations, and financial service firms. Among them are FMO, Proparco, ImpactAssets, Ford Foundation, MetLife Asset Management, and Mastercard Worldwide.

Some of the first investments under this fresh round have already been made. PaidHR in Nigeria, Foyer in the United States, FinFra in Indonesia, and Flowcart in Kenya are among the startups receiving early backing.

Accion Ventures is focusing on fintech solutions that can make a difference for the 1.6 billion people globally who remain unbanked or underbanked, and the $5.7 trillion annual credit gap faced by small businesses. 

The fund is designed not only to provide capital but also to give startups operational support, governance guidance, and connections to networks that are often closed off to early-stage firms.

Michael Schlein, president and CEO of Accion, explained the rationale behind the move:

“With the huge uptick in mobile technologies in emerging economies, we see a significant opportunity to connect many small businesses and low-income consumers to the digital economy for the first time. Leveraging third-party capital to deliver social and financial objectives is a critical part of Accion’s strategy. 

“This fund seeks to support the growth of early-stage, disruptive companies providing high-quality, affordable financial services that can help reduce poverty and create opportunity for millions of people globally.”

Rahil Rangwala, managing partner, Accion Ventures, emphasised the role of innovation in the fund’s direction:

“We are excited to support the growth of incredible innovators across the globe in early-stage fintech who are using new technology ranging from Gen AI to satellite imagery and embedded finance, leveraging the power of mobile phones and the internet to deliver sustainable financial returns, alongside real world impact for underserved people globally. 

“We have a strong pipeline and team in place and will continue to leverage our networks to deliver quality, affordable financial services for small businesses and consumers globally.”

Managing Partner, Amee Parbhoo, noted how Accion Ventures plans to use the fund:

“With this new funding, we will build on our success to date, finding and scaling some of the world’s most innovative fintech companies that provide a full suite of financial products and services to small businesses globally. 

“Our global portfolio and local approach mean we can spot and respond to trends faster, driving local innovations on a global scale, and share learnings across geographies. We aim to be one of the first institutional checks a company receives and will continue to engage early, while maintaining sufficient reserves to back our winners as they scale.”

Accion Ventures operates across Africa, South and Southeast Asia, Latin America, and the United States. Its strategy is to identify startups with a deep understanding of their local markets, then provide the financial backing and strategic input needed to grow beyond their immediate environment.

Accion fintech fund supports the growing momentum of inclusive fintech as both a social need and a market opportunity. The venture aims to back innovators capable of bolstering financial access on a global scale.

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