Kuda, a Nigeria and London-based bank, has joined the list of tech companies to lay off employees, with approximately 23 people losing their jobs.
The bank offers debit cards, current accounts, savings accounts, lending, and business accounts and has announced a workforce restructuring to ensure future growth.
A statement from the company said: “Kuda is currently making some strategic changes to serve its customers better and continue to make financial services more accessible, affordable and rewarding to every African.
Following the job cuts, Kuda intends to launch its banking service in the United Kingdom, as well as Ghana and Uganda, in the future.
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The neobank, which was founded in 2019, raised $55 million (£47.7 million) last August.
According to Dealroom, the company has raised a total of $91.6 million (£79.5 million).
Kuda is the latest startup to lay off workers due to the economic downturn.
Other recent tech layoffs include Bristol-based cybersecurity startup Immersive Labs, cryptoasset firm Blockchain.com, and event platform Hopin.
Based on a report from the venture capital firm NGP Capital, startup job openings in Europe have decreased by 40% since the beginning of the year.