African service Mdundo has published its latest financial results, revealing that it ended 2021 with 13.3 million monthly active users – up from seven million at the end of 2020.
This growth was driven by rapid takeup of Mdundo’s service in West Africa, where Nigeria is now its biggest individual country with 2.8 million monthly active users. That in turn was fuelled by a partnership with telco MTN in Nigeria.
The user growth is also translating into revenue growth for Mdundo, which posted revenue of DKK 2.5m (around $382.9k) in the second half of 2021 – up from DKK 1.3m in the corresponding period in 2020. Mdundo said that it expects revenues of DKK 9-10m ($1.4m – $1.5m) in its next full financial year, and hopes to reach 18 million monthly active users by the end of June 2022.