Cameroon-based fintech startup, Koree, which enables customers to save their spare change on their cards, has secured a pre-seed funding round of USD 200.000.
Koree strategy to maximise the investment
Koree plans to introduce a new marketplace to maximise the pre-seed investment’s utility, allowing users to earn rewards on their daily purchases. Moreover, Koree’s solution is designed to tackle the issue of spare change in cash-dependent economies, providing a card and digital wallet that enables merchants to refund their customers’ spare change. With Koree’s product, merchants can also launch loyalty programs that offer cashback rewards to their customers.
Another plan for this investment is to enable consumers to earn cash when they shop on the Koree app, across 14 different categories like bakeries, supermarkets, fast food, movies, pharmacies, etc. The money Koree users earn in their wallet is hard cash, which they can redeem directly into their mobile money account.
As per an official statement, Koree is set to collaborate with customers’ preferred payment service providers to facilitate the cashback redemption process.
More about Koree
Koree is a fintech company that has enlisted over 13.000 users and processed more than 50.000 cash-based transactions, developing 30.000 private wallets. The company revenue comes from charging subscription fees to merchants plus a commission on each customer transaction.
As part of its expansion strategy, in June 2023, Koree emerged in the Orange Fab Cameroon challenge. Moreover, as part of the fintech’s expansion 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, following the Ecobank Fintech Challenge, Koree acquired USD 50.000 in non-dilutive funding due to its card wallet payment solution which digitises merchant payments. These funds are currently being used for business development and engineering hires. Moreover, the company hired a professional team working across Cameroon, Côte d’Ivoire, Togo, Nigeria, and Senegal to enforce team cohesion and foster a robust work culture.
