Cameroonian Fintech Koree Secures $200,000 Pre-Seed Round to Expand Merchant Base

Koree’s Successful Pre-Seed Funding for Merchant Expansion

Cameroonian fintech Koree has announced the closure of a significant $200,000 pre-seed round, a milestone expected to drive its merchant network expansion.

The investment aims to bolster Koree’s operations, enlarge its user base, and solidify its product-market alignment, as revealed by Magalie Gauze-Sanga, the founder of Koree.

Investors and Strategic Growth Plans

The pre-seed round attracted notable backing from various entities, including Tunde Akinnuwa, co-founder at Duplo, Cameroon Angels Network, Catalytic Africa, Digital Africa, and several private investors.

Koree intends to leverage these funds to address the challenge of spare change in cash-driven economies, offering a card and digital wallet solution that allows merchants to return customers’ spare change while fostering loyalty programs.

Innovative Marketplace and User Benefits

The fintech plans to introduce a novel marketplace, enabling users to earn rewards on their routine purchases. Through this platform, consumers can earn cashback on diverse categories like supermarkets, fast food, movies, and more within the Koree app.

Gauze-Sanga elucidated, “Users can redeem the cash they earn directly into their mobile money account.”

Expansion and Recognition in the Industry

Since its inception in 2022, Koree has witnessed significant growth, boasting over 11,000 users and processing 40,000 cash-based transactions worth $285,000.

It has also established 22,000 private wallets and generates revenue by charging merchants a subscription fee and transaction commissions.

Recognition and Strategic Partnerships

In 2023, Koree clinched the Orange Fab Cameroon challenge, positioning itself for expansion within francophone Africa. The fintech’s involvement in the Orange Fab acceleration program aims at leveraging Orange’s industry expertise for strategic expansion.

Additionally, winning the Ecobank Fintech Challenge secured non-dilutive funding of $50,000, directed towards hiring in critical business development and engineering roles.

Future Outlook and Physical Presence

With operations spanning Cameroon, Côte d’Ivoire, Togo, Nigeria, and Senegal, Koree is looking to establish a physical office in Douala, Cameroon.

Gauze-Sanga emphasizes the importance of a physical workspace to foster team cohesion and cultivate a robust work culture amidst Koree’s expansionary trajectory.

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