Quick Read: Cauridor has raised $3.5 million in seed funding to enhance its payment infrastructure across Africa. The platform facilitates seamless fund transfers through a vast agent network and digital payment solutions. By shifting from remittance services to B2B payments, Cauridor has grown its transaction volume significantly.
Cauridor’s platform supports multiple payment methods, including mobile wallets, bank transfers, and cash pickups. The company operates through a vast network of over 25,000 agents across Guinea, Senegal, Ivory Coast, Sierra Leone, and Liberia. These agents, primarily small business owners with point-of-sale (POS) devices, enable cash deposits, withdrawals, and bill payments, improving financial accessibility in the region.
Hybrid Approach to Money Transfers
To address the challenges of money transfers, Cauridor blends cash networks with digital infrastructure, catering to local payment needs. This approach has enabled the company to establish key remittance corridors to markets such as Ghana and Nigeria. Additionally, Cauridor has secured group-level contracts with industry leaders, including Ria, MoneyGram, and Western Union, and partnered with telecom giants Orange and MTN to expand its services.
From Remittance to B2B Payments
Cauridor was founded by Oumar Rafiou Barry and Abdoulaye Bah, who experienced difficulties sending money home to Guinea while studying in Canada. Frustrated by slow and expensive remittance options in Francophone Africa, they launched BNB CashApp in 2019 to facilitate easier money transfers from Canada to Africa. The app integrated with banks, mobile wallets like MTN, and an agent network for cash payouts.
As the business grew, the founders identified a deeper issue: Africa’s fragmented payment infrastructure. Recognizing the need for better payment rails, they pivoted in 2022 to focus on building a robust financial network. By 2023, Cauridor had merged its consumer remittance business with its B2B payment infrastructure under a single brand, similar to fintechs like Tanzania’s Nala and Rafiki.
This shift proved successful, with over 90% of Cauridor’s revenue now generated from its payment rails business. In 2023, the company processed 2 million transactions, reaching a total payment volume (TPV) of $300 million, with projections to grow to $500 million in 2024.
Competing in the Fintech Space
Despite competition from larger players like Onafriq (formerly MFS Africa) and Thunes, Cauridor has remained competitive by focusing on underserved markets, such as Guinea and Liberia. CEO Barry attributes the company’s success to hands-on customer service and competitive pricing.
Cauridor actively resolves common challenges like rejected mobile money transactions due to incomplete Know Your Customer (KYC) processes. If a recipient can only access a fraction of a payment due to account limitations, Cauridor assists in upgrading their account to ensure smooth transactions.
The company’s strong local presence also provides an edge in securing better foreign exchange margins, benefiting customers. This advantage has attracted major clients like MoneyGram, which switched to Cauridor for better rates and superior customer support.
Future Growth and Industry Collaboration
While competition in cross-border payments is intense, collaboration remains essential. Some competitors rely on Cauridor’s infrastructure in certain regions, while Cauridor partners with firms like Thunes to expand its global reach. The company currently employs around 200 people worldwide and has offices in Ivory Coast, Senegal, Guinea, Sierra Leone, and Liberia.
With its latest funding, Cauridor is well-positioned to drive financial inclusion and innovation across Africa’s digital payments ecosystem.
