Cameroon-based fintech startup, Koree, renowned for its innovative spare change-saving card solution, has successfully secured a substantial pre-seed funding round, totaling USD 200,000.
This significant financial boost comes from a consortium of notable backers, including the Cameroon Angels Network, Catalytic Africa, Digital Africa, and various private investors. The primary focus of this investment is to catapult Koree into an expansion phase, concentrating on growing its merchant network and amplifying its user base. The overarching goal is to fine-tune its card wallet payment solution to better align with market demands.
Strategic Utilization of the Pre-Seed Investment:
Koree is strategically channeling its pre-seed investment towards the introduction of an innovative marketplace. This new platform aims to enhance user engagement by offering rewards for daily purchases. The startup’s pioneering solution addresses the challenge of spare change prevalent in cash-dependent economies. Koree’s digital wallet not only facilitates seamless transactions but also empowers merchants to refund customers’ spare change, potentially revolutionizing loyalty programs with enticing cashback rewards.
Moreover, Koree is set to roll out an exciting feature, enabling users to earn cash while shopping across 14 diverse categories such as bakeries, supermarkets, fast food outlets, movies, and pharmacies. The funds earned by Koree users are tangible and can be easily redeemed into their mobile money accounts.
As part of their commitment to customer convenience, Koree is collaborating with preferred payment service providers to streamline the cashback redemption process, as outlined in an official statement.
Koree in a Nutshell:
Koree, a rapidly growing fintech player, boasts over 13,000 users and a track record of processing more than 50,000 cash-based transactions, establishing 30,000 private wallets. The company generates revenue through subscription fees charged to merchants and a commission on each customer transaction.
The company’s strategic expansion initiatives include participation in the Orange Fab Cameroon challenge in June 2023, leveraging the Orange Fab acceleration program for tailored resources and mentorship from industry experts. Additionally, Koree secured USD 50,000 in non-dilutive funding following the Ecobank Fintech Challenge in October, further fueling business development and engineering hires across Cameroon, Côte d’Ivoire, Togo, Nigeria, and Senegal. This expansion aims to solidify team cohesion and foster a robust work culture at Koree.
Source: ThePaypers
