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.
Share on Facebook «||»
Share on Twitter «||»
Share on Reddit «||»
Share on LinkedIn
Health Advance Partners Leads Pre-Seed Funding Round for SingleTimeMicroneedles’ Innovative Drug Delivery Technology: SingleTimeMicroneedles (STM), a biotech company specializing in drug and vaccine delivery, has announced a successful pre-seed funding round. The funding round was led by Health...
Fintech Firm Vivifi Secures Unnamed Backers for a Significant Funding Round, Blending Debt and Equity, Aiming for Expansive Growth in India’s Underserved Communities: Unveiling Vivifi’s Funding Triumph: The Silent Backers and a Unique Debt-Equity Blend In a strategic move, Indian fintech firm Vivifi has successfully secured funding in...
Rihanna Sets the Stage on Fire, Twerking at Anant Ambani and Radhika Merchant’s Grand Pre-Wedding Bash in Jamnagar: Creating unforgettable moments at the pre-wedding extravaganza of Anant Ambani and Radhika Merchant, international sensation Rihanna stole the show, sharing the dance floor with Bollywood...
Anant Ambani and Radhika Merchant’s Extravagant $152 Million Pre-Wedding Celebration Draws Global Tech CEOs and A-List Stars to Jamnagar, Gujarat: In a dazzling display of opulence, Anant Ambani and Radhika Merchant hosted a pre-wedding celebration in Jamnagar, Gujarat, with a staggering price tag of $152...
Spacegoods, Pioneers in Health and Wellness, Secures £2.5M in Seed Funding to Expand Product Portfolio and Reach: Spacegoods, a health and wellness company, has successfully raised £2.5 million in seed funding. The funding round was led by Five Seasons Ventures, with participation...
FinTech to Rule the Job Market in India with 87 percent Adoption of FinTech Services: The Banking, Finance Services, and Insurance (BFSI) industry have taken a quantum leap in transitioning to FinTech products and services. This includes an accelerated adoption...
NeoCarbon Secures €3.2M Seed Funding Led by RAISE Seed For Good to Propel Groundbreaking CO2 Removal Technology: Investment Round Led by RAISE Seed For Good: RAISE Seed For Good has taken the lead in a funding round for NeoCarbon, with additional contributions...
Heranova Lifesciences secures $13.5M in Seed and Seed+ funding: Heranova Lifesciences: Revolutionizing Women’s Health Heranova Lifesciences, a pioneering biotech firm, recently secured funding from prominent backers such as Pivotal bioVenture Partners China, Sinovation Ventures,...
Knownwell secures $2M in pre-seed funding: Knownwell Secures Funding for AI-Powered Platform Knownwell, an AI-as-a-Service (AIaaS) platform company, recently secured undisclosed funding for its ambitious project aimed at revolutionizing executive decision-making....
CitrusX Completes Seed Funding Round, Secures $4.5 Million Investment: Revolutionizing AI Transparency: CitrusX Secures Major Funding Boost In a significant stride towards reshaping the landscape of AI transparency and explainability, CitrusX, spearheaded by CEO...