Afrigather Cameroonian fintech Koree has closed a pre-seed spherical of $200,000 which it plans to make use of to develop its service provider base.
Koree, a Cameroonian fintech that permits prospects to avoid wasting spare money (change) on their playing cards, has raised a $200,000 pre-seed spherical. The fund will probably be used to develop its community of retailers, scale its consumer base, and finally obtain product-market match, based on Magalie Gauze-Sanga, founding father of Koree.
The spherical was backed by Tunde Akinnuwa, co-founder at Duplo, Cameroon Angels Community, Catalytic Africa, Digital Africa, and different personal buyers.
Koree goals to unravel the issue of spare change in cash-based economies by utilizing a card and digital pockets that permits retailers to return their prospects’ spare change. With Koree’s product, these retailers may create loyalty programmes the place prospects can earn cashback rewards.
To realize its goal of elevating the pre-seed fund, Koree is ready to launch a brand new market that may allow customers to get rewards on their on a regular basis purchases. “Shoppers will now earn money after they store on the Koree app, throughout 14 classes starting from bakery, grocery store, quick meals, films, pharmacy and so forth,” Gauze-Sanga advised TechCabal.
“They store as common and earn a sure share of the quantity they’ve spent. The cash Koree customers earn of their pockets is difficult money, which they will redeem immediately into their cellular cash account.”
Koree will work with prospects’ referenced cost service suppliers for them to have the ability to redeem their cashback.
Since its launch in September 2022, Koree has registered greater than 13,000 customers and processed over 50,000 cash-based transactions value $400,000. In that point, the fintech has additionally generated 30,000 personal wallets. Its income supply stems from charging retailers a subscription price along with a fee on every transaction for its prospects.
In June 2023, Koree gained the Orange Fab Cameroon challenge. With the fintech’s goal to increase throughout the continent, particularly inside francophone Africa, the Orange Fab acceleration programme will present assets focused at growth. Orange’s community of trade consultants will present mentorship for Koree’s strategic growth plans. 4 months later, in October, Koree gained the Ecobank Fintech Challenge, taking dwelling $50,000 in non-dilutive funding. This funding is already getting used to rent in enterprise growth and engineering roles.
With Koree’s crew unfold throughout Cameroon, Côte d’Ivoire, Togo, Nigeria, and Senegal, Gauze-Sanga believes that having a bodily workplace—which will probably be in Douala, Cameroon—would assist the crew bond and create a robust work tradition.
