Koree Secures $200,000 in Pre-Seed Funding to Expand Operations

Koree Secures $200,000 in Pre-Seed Funding to Expand Operations

By Staff Writer, 04 January 2024

Cameroon's fintech startup, Koree, has successfully raised $200,000 in a pre-seed funding round aimed at amplifying its merchant network, expanding its user base, and solidifying its product-market alignment.

Magalie Gauze-Sanga, the brain behind Koree, shared insights into the company's future plans.

The financing round witnessed support from notable investors, including Tunde Akinnuwa from Duplo, Cameroon Angels Network, Catalytic Africa, Digital Africa, and several private investors.

Koree's primary mission revolves around addressing the challenge of accumulating spare change in economies dominated by cash transactions.

By introducing a digital wallet and card system, Koree empowers merchants to return customers' spare change efficiently.

Additionally, this fintech solution allows merchants to develop loyalty programs, enabling consumers to earn attractive cashback rewards.

To further its financial solutions, Koree is gearing up to unveil a comprehensive marketplace.

This platform promises users rewards for their routine expenditures.

Gauze-Sanga elaborated, stating, "Consumers engaging with the Koree app will earn cash rewards across various sectors such as supermarkets, bakeries, cinemas, pharmacies, and more. These rewards translate directly into hard cash, accessible via their mobile money accounts."

To facilitate the seamless redemption of cashback rewards, Koree will collaborate with established payment service providers.

Since its inception in September 2022, Koree has rapidly expanded its footprint, boasting over 13,000 users and facilitating more than 50,000 cash transactions, amounting to $400,000.

The fintech's revenue model pivots on merchant subscription fees and transactional commissions.

Koree's accolades include its victory in the Orange Fab Cameroon challenge in June 2023.

This triumph aligns with the fintech's broader ambition of establishing a formidable presence across francophone Africa.

Notably, the Orange Fab acceleration program will furnish Koree with valuable resources, including mentorship from industry stalwarts.

Furthermore, Koree clinched the Ecobank Fintech Challenge in October, securing $50,000 in non-dilutive funding.

This financial injection is being channeled towards augmenting the business development and engineering teams.

With operations spanning Cameroon, Côte d’Ivoire, Togo, Nigeria, and Senegal, Gauze-Sanga emphasized the importance of establishing a central office in Douala, Cameroon.

This strategic move aims to foster team cohesion and cultivate a robust organizational culture.

Noah Banjo / TechCabal

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