Cameroonian fintech startup Koree has secured $200,000 in pre-seed funding. The investment will be used to expand Koree’s merchant network, increase its customer base, and achieve product-market fit. The funding round was led by Tunde Akinnuwa, co-founder at Duplo, along with the support of the Cameroon Angels Network, Catalytic Africa, Digital Africa, and various private investors. Koree’s service addresses the issue of handling spare change in cash-based economies by offering a digital solution through a card and digital wallet system. The startup’s platform also enables merchants to issue change digitally and facilitates loyalty programs for customers to accumulate cashback rewards. Koree plans to launch a new marketplace in order to expand its user base and provide rewards on everyday purchases. Since its founding in September 2022, Koree has acquired over 13,000 users and facilitated more than 50,000 cash transactions, totaling $400,000. The startup generates revenue from subscription fees charged to merchants and commissions from customer transactions. Koree achieved notable milestones in June 2023 by winning the Orange Fab Cameroon challenge and in October 2023 by securing the Ecobank Fintech Challenge. The startup plans to use the recent funding to recruit business development and engineering professionals and establish a central office in Douala, Cameroon.
Koree, the Cameroonian Fintech Startup, Snags $200K in Pre-Seed Funding.
