Cameroonian fintech Koree closes $200k pre-seed round
Cameroonian fintech startup Koree has successfully raised $200,000 in a pre-seed funding round. The investment was led by Tunde Akinnuwa, co-founder at Duplo, and featured participation from various backers, including Cameroon Angels Network, Catalytic Africa, Digital Africa, and other private investors.
Koree aims to address the challenge of spare change in cash-based economies by introducing a card and digital wallet solution that enables merchants to return customers' spare change. The fintech platform also allows these merchants to establish loyalty programs, offering customers the opportunity to earn cashback rewards.
The raised funds will be utilized to expand Koree's network of merchants, scale its user base, and ultimately achieve product-market fit, as outlined by Magalie Gauze-Sanga, the founder of Koree.
The growth of startups like Koree underscores the vibrant and dynamic entrepreneurial landscape in francophone Africa, contributing to the region's rising influence in the global tech scene. This is vital as the region is often overlooked in discussions about tech in Africa but has been a source of notable startups across various sectors, including fintech, software, and ed-tech. One such emerging startup in the region is Koree, which launched in September 2022. The fintech claims to have registered over 13,000 users and processed more than 50,000 cash-based transactions totaling $400,000. During this period, Koree generated 30,000 private wallets. Other more notable examples include Senegal's Wave (a mobile money service), Tunisia's InstaDeep (an AI solutions provider recently acquired by BioNTech SE in a $684 million deal), Morocco's Chari (an e-commerce platform for small retailers), and Algeria's Yassir (a super app offering on-demand services like ride-hailing, last-mile delivery, and payment services).