OPay, Kuda named among top 200 global fintech companies

Nigerian fintech firms, OPay and Kuda have been named among the top 200 global fintech companies by media firm, CNBC and independent research organisation, Statista.

The list which includes some of the biggest global firms including Ant Group, Tencent, PayPal, Stripe, Klarna and Revolut was compiled after evaluating nine fintech categories.

Over 1,500 firms were analysed across the nine different market segments. Each of the firms was also evaluated against a set of key performance indicators like revenue, user numbers, and total funding raised.

The categories include neobanking digital payments, digital assets, digital financial planning, digital wealth management, alternate financing, alternate lending, digital banking solutions and digital business solutions.

OPay was named in the digital payments category while Kuda made it to the neobanking category.

Founded in 2018, OPay offers a set of unique and innovative services and solutions for scalable businesses and customers. The company boasts of about 40 million registered app users and 500,000 agents in Nigeria and is a one-stop mobile-based platform for payments, transfers, loans, savings and other essential services.

OPay aims to reach over 60% of people in Africa who remain unbanked and without access to the most basic financial services - here is how to open Opay account.

Kuda also known as Kuda Technologies, was founded in 2019 and operates in Nigeria and the United Kingdom and as of 2021, was valued at $500 million thus placing it as the seventh most valuable bank in Nigeria.

The company is a licensed microfinance bank that helps users save money without adding extra charges. The app also goes the extra mile by including tracking tools to monitor users’ spending habits in order to create better saving habits.

In July 2023, Kuda surpassed the six million customer milestone in Nigeria, thus stamping its position as a leader in the fintech industry with its improved banking app that offers savings, payment, and credit services for retail and business customers.