Koree, a Cameroonian fintech enabling customers to save spare change on their cards, recently secured a pre-seed funding of round of $200,000.
The raised capital is earmarked for expanding its network of merchants, scaling its user base, and ultimately attaining product-market fit, as outlined by Magalie Gauze-Sanga, the founder of Koree.
Tunde Akinnuwa, co-founder at Duplo, Cameroon Angels Network, Catalytic Africa, Digital Africa, and various private investors supported the funding round.
Koree, which emerged as the winner of the 6th edition of the 2023 Ecobank Fintech Challenge, seeks to address the challenge of spare change in cash-based economies through its card and digital wallet solution.
Koree’s technology enables merchants to return customers’ spare change, and additionally, these merchants can establish loyalty programs offering cashback rewards using Koree’s product.
Koree plans to introduce a new marketplace that allows users to receive rewards for their everyday purchases.
“Consumers will now earn cash when they shop on the Koree app, across 14 categories ranging from bakery, supermarket, fast food, movies, pharmacy, etc,” said Magalie Gauze-Sanga.
“They shop as usual and earn a certain percentage of the amount they have spent. The money Koree users earn in their wallet is hard cash, which they can redeem directly into their mobile money account.”
Koree will collaborate with customers’ designated payment service providers, enabling them to redeem the cashback they have earned.
Since its inception in September 2022, Koree has:
- Garnered over 13,000 users
- Facilitated more than 50,000 cash-based transactions totaling $400,000
- Created 30,000 private wallets
Its revenue model involves charging merchants a subscription fee along with a commission on each transaction conducted by its customers.
In June 2023, Koree emerged victorious in the Orange Fab Cameroon challenge. With its aspirations to broaden its presence across the continent, particularly in Francophone Africa, the Orange Fab acceleration program will furnish resources tailored for expansion. Koree stands to benefit from mentorship by Orange’s network of industry experts to aid in the strategic development of its plans.
Koree received $50,000 in non-dilutive funding for winning the Ecobank fintech Challenge four months later. The company has promptly put this funding to use, employing new talent in business development and engineering roles.
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