Cameroonian Fintech Startup Koree Secures $200,000 in Pre-Seed Funding
The Cameroonian fintech startup Koree recently secured $200,000 in pre-seed funding which was led by the co-founder of the Nigerian payments company Duplo. The fintech said it will use the funds raised to launch a marketplace that rewards users for the purchases they make.
The Cameroonian fintech startup Koree recently announced that it had raised $200,000 in pre-seed funding to expand its merchant network and bolster its customer base. Tunde Akinnuwa, the co-founder of the Nigerian payments company Duplo, led the funding round. Other participants in the round included the Cameroon Angels Network, Catalytic Africa, and Digital Africa.
According to a report, Koree plans to use the funds raised to start a new marketplace that enables users to get rewards for their purchases. Magalie Gauze-Sanga, the founder of the fintech startup, said that users will be able to earn a certain percentage of the amount they have spent across the Koree app’s 14 categories.
“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,” the founder reportedly said.
Since its launch in 2022, the Cameroonian fintech startup has reportedly amassed over 13,000 users and processed more than 50,000 transactions. Besides securing capital via the pre-seed round, the fintech startup won the Orange Fab Cameroon 2023 Challenge, which aims to serve as a bridge between startups and Orange’s resource network.
Koree also won the Ecobank Fintech Challenge and has used the prize money to hire key personnel in development and engineering. Meanwhile, Gauze-Sanga revealed that the fintech startup, which already has team members in Cameroon, Côte d’Ivoire, Togo, Nigeria, and Senegal, is hoping to open a physical office in Douala.
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