Cameroonian fintech startup, Koree, which enables customers to save their spare change on their cards, has successfully secured a pre-seed funding round of $200,000. Koree plans to utilize these funds to expand its merchant network, increase its user base, and ultimately strive for product-market fit, as stated by Koree’s founder, Magalie Gauze-Sanga.
The funding round saw contributions from Tunde Akinnuwa, co-founder of Duplo, Cameroon Angels Network, Catalytic Africa, Digital Africa, and several other private investors.
Koree’s solution is aimed at resolving the issue of spare change in cash-dependent economies by offering a card and digital wallet that enables merchants to refund their customers’ spare change. Additionally, with Koree’s product, merchants can also launch loyalty programs that offer cashback rewards for their customers.
As part of its strategy to maximize the utility of the pre-seed investment, Koree is poised to introduce a new marketplace, which would allow its users to earn rewards on their daily purchases.
Consumers will now earn cash when they shop on the Koree app, across 14 different categories like bakeries, supermarkets, fast food, movies, pharmacies, etc.
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.
Magalie Gauze-Sanga
Koree is set to collaborate with customers’ preferred payment service providers to facilitate the cashback redemption process.
Since its establishment in September 2022, Koree has enlisted over 13,000 users and processed more than 50,000 cash-based transactions, amassing to a total of $400,000. During the same period, the fintech company has also developed 30,000 private wallets. Koree’s revenue generation comes from charging subscription fees to merchants plus a commission on each customer transaction.
In June 2023, Koree emerged victorious in the Orange Fab Cameroon challenge. As part of the fintech’s expansion strategy across Africa, specifically in francophone regions, the Orange Fab acceleration program will offer resources tailored for growth. Koree’s strategic development plan will also benefit from the mentorship provided by Orange’s network of industry experts.
Then in October, Koree triumphed in the Ecobank Fintech Challenge, earning $50,000 in non-dilutive funding which is currently being used for business development and engineering hires.
With Koree’s team dispersed across Cameroon, Côte d’Ivoire, Togo, Nigeria, and Senegal, Gauze-Sanga believes that establishing a physical office in Douala, Cameroon would enhance team cohesion and foster a robust work culture.
