Cameroonian fintech startup Koree has raised $200,000 in a pre-seed funding round. The round was backed by Cameroon Angels Network, Catalytic Africa, and Digital Africa, as well as private investors including Tunde Akinnuwa, co-founder at Duplo. Koree plans to use the funding to scale its user base and launch a new marketplace that will allow users to earn rewards on their everyday purchases. Since its launch in September 2022, Koree has attracted over 13,000 users and processed over 50,000 cash-based transactions. The startup generates revenue from charging merchants a subscription fee and a commission on each transaction.
Key points:
- Cameroonian fintech startup Koree has raised $200,000 in a pre-seed funding round
- The funding round was backed by Cameroon Angels Network, Catalytic Africa, Digital Africa, and private investors
- Koree plans to use the funding to scale its user base and launch a new marketplace that will allow users to earn rewards on their everyday purchases
- Since its launch in September 2022, Koree has attracted over 13,000 users and processed over 50,000 cash-based transactions
- The startup generates revenue from charging merchants a subscription fee and a commission on each transaction
Cameroonian fintech startup Koree has raised $200,000 in a pre-seed funding round to fuel its expansion plans. The round was backed by investors including Cameroon Angels Network, Catalytic Africa, Digital Africa, and private investors such as Tunde Akinnuwa, co-founder at Duplo. Koree offers a platform that allows customers to save spare change on their card, and the funding will be used to scale its user base and launch a new marketplace. The marketplace will enable users to earn rewards on their everyday purchases, with rewards available across 14 categories including bakery, supermarket, fast food, movies, and pharmacy. Koree has already attracted over 13,000 users and processed over 50,000 cash-based transactions since its launch in September 2022. The startup generates revenue by charging merchants a subscription fee and a commission on each transaction.
Commenting on the funding round, Koree co-founder Gauze-Sanga said, “Consumers will now earn cash when they shop on the Koree app, across 14 categories ranging from bakery, supermarket, fast food, movies, pharmacy etc.”
Koree’s success in attracting users and transactions highlights the growing popularity of fintech solutions in Cameroon and across Africa. The startup’s ability to generate revenue from a mix of subscription fees and transaction fees demonstrates its potential for long-term sustainability. With its new funding, Koree will have the resources to expand its user base and improve its product offering, further solidifying its position in the market.
