Pioneering Cameroonian startup, Koree, has successfully secured a pre-seed investment of $200,000, which Koree’s founder, Magalie Gauze-Sanga says would be used in expanding its merchant network, customer base, and achieving product-market fit.
Backers of the investment include Tunde Akinnuwa, co-founder at Duplo, the Cameroon Angels Network, Catalytic Africa, Digital Africa, and several private investors.
Koree’s innovative service seeks to address the challenge of handling spare change in cash-centric economies. The fintech company provides a solution through a card and digital wallet system, allowing merchants to issue digital change seamlessly. Additionally, Koree’s platform facilitates loyalty programs, enabling customers to accumulate cashback rewards.
To complement its funding efforts, Koree is preparing to launch a new marketplace. This marketplace will reward users for their everyday purchases, offering cashback on transactions across 14 categories such as bakery, supermarket, fast food, movies, and pharmacy. Users can earn a percentage of the amount spent, and the earned cash can be directly redeemed into their mobile money accounts.
Since its establishment in September 2022, Koree has attracted over 13,000 users and executed more than 50,000 cash transactions, totalling $400,000. The fintech’s revenue streams include subscription fees from merchants and commissions from customer transactions.
Koree achieved a major milestone in June 2023 by winning the Orange Fab Cameroon challenge, aligning with its expansion strategy across Africa, particularly in French-speaking regions. The Orange Fab acceleration program will provide crucial resources and access to a network of industry professionals for strategic mentorship.
Further demonstrating its success, the Cameroonian fintech secured the Ecobank Fintech Challenge in October 2023, earning $50,000 in non-dilutive funding. This funding will be used to recruit professionals in business development and engineering.
Founder, Magalie Gauze-Sanga, envisions a centralized office in Douala, Cameroon, to serve as Koree’s headquarters, fostering team bonding and cultivating a robust work culture across their distributed team in Cameroon, Côte d’Ivoire, Togo, Nigeria, and Senegal.
The recent investments and accolades position Koree for continued growth and influence in the dynamic fintech landscape.
