Grace Ashiru
Koree, a fintech company from Cameroon, recently secured a pre-seed investment of $200,000. This funding will be allocated to expanding its merchant network, increasing its customer base, and striving for product-market fit, as stated by Magalie Gauze-Sanga, the founder of Koree.
The investment was supported by Tunde Akinnuwa, co-founder at Duplo, along with the Cameroon Angels Network, Catalytic Africa, Digital Africa, and various private investors.
Koree’s service addresses the issue of handling spare change in economies predominantly using cash. It offers a solution through a card and digital wallet system, enabling merchants to issue change digitally. Additionally, Koree’s system facilitates loyalty programs, allowing customers to accumulate cashback rewards.
To achieve its objective of raising the pre-seed fund, Koree is set to launch a new marketplace that will enable users to get rewards on their everyday purchases. “Consumers will now earn cash when they shop on the Koree app, across 14 categories ranging from the bakery, supermarket, fast food, movies, pharmacy etc,” Gauze-Sanga told TechCabal.
“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 work with customers’ referenced payment service providers so they can redeem their cashback.
Since its inception in September 2022, Korea has amassed over 13,000 users and executed upwards of 50,000 cash transactions, totalling $400,000. During this period, Fintech successfully created 30,000 private wallets. Its earnings are primarily from subscription fees charged to merchants and commissions from customer transactions.
Koree achieved a significant milestone in June 2023 by clinching the Orange Fab Cameroon challenge. This victory aligns with Fintech’s strategy to broaden its reach across Africa, particularly in French-speaking regions. The Orange Fab acceleration program will facilitate this expansion by providing necessary resources, including access to a network of seasoned industry professionals for strategic mentorship.
In a further testament to its success, Koree secured the Ecobank Fintech Challenge in October 2023, earning $50,000 in non-dilutive funding. This capital is being allocated to recruit business development and engineering professionals.
The Koree team, distributed across Cameroon, Côte d’Ivoire, Togo, Nigeria, and Senegal, is envisioned by Gauze-Sanga to benefit from a central office in Douala, Cameroon. He believes a physical workspace fosters team bonding and cultivates a robust work culture.
