Koree, a
female-led fintech from Cameroon and winner of the 2023 Ecobank Fintech
Challenge, has successfully secured a $200,000 pre-seed funding round,
led by investors like Tunde Akinnuwa from Duplo, Cameroon Angels Network,
Catalytic Africa, Digital Africa, and other private investors.
The funds will be
utilized to expand the merchant base, scale the user network, and achieve
product-market fit, according to Magalie Gauze-Sanga, Koree's founder.
Koree addresses the issue
of spare change in cash-based economies by enabling users to save their spare
cash on a card and digital wallet. The fintech plans to launch a marketplace
where users can earn rewards on everyday purchases across various categories.
The earned cash can be
redeemed directly into mobile money accounts. Koree has already registered over
13,000 users, processed 50,000 transactions worth $400,000, and generated
30,000 private wallets since its launch in September 2022.
The fintech, which won
the Orange Fab Cameroon challenge in June 2023 and the Ecobank Fintech
Challenge in October, aims to expand across francophone Africa. The Orange Fab
acceleration program will support this expansion with resources and mentorship.
Koree's team is spread
across Cameroon, Côte d’Ivoire, Togo, Nigeria, and Senegal, and they plan to
establish a physical office in Douala, Cameroon, to strengthen team cohesion
and work culture.
