Cameroonian fintech startup Koree secures $200,000 in pre-seed funding

by MMC
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Korea, a Cameroonian fintech company, recently secured a $200,000 pre-seed investment. This funding will be allocated to expanding its merchant network, increasing its customer base and seeking product-market fit, as stated by Magalie Gauze-Sanga, the founder of Koree.

The investment was supported by Tunde Akinnuwa, co-founder of Duplo, as well as the Cameroon Angels Network, Catalytic Africa, Digital Africa and various private investors.

Korea This service addresses the problem of managing money in predominantly cash-based economies. It offers a solution through a card and digital wallet system, allowing merchants to issue currency digitally. Additionally, Koree’s system facilitates loyalty programs, allowing customers to accumulate cashback rewards.

To achieve its goal of raising pre-seed funds, Koree is set to launch a new marketplace that will allow users to earn rewards on their everyday purchases. “Consumers will now earn money when shopping on the Koree app, across 14 categories ranging from bakery, supermarket, fast food, cinema, pharmacy, etc.,” said Gauze-Sanga at TechCabal.

“They shop as usual and earn a certain percentage of the amount they spent. The money that Koree users earn in their wallet is cash, which they can exchange directly into their mobile money account.

Koree will work with payment service providers referred by customers so that they can redeem their cashback.

Since its inception in September 2022, Korea has amassed over 13,000 users and executed over 50,000 cash transactions, totaling $400,000. During this period, the Fintech has successfully created 30,000 private wallets. Its revenue comes primarily from subscription fees charged to merchants and commissions on customer transactions.

Koree reached an important milestone in June 2023 by winning the Orange Fab Cameroon challenge. This victory is part of the Fintech’s strategy to expand its reach across Africa, particularly in French-speaking regions. The Orange Fab Accelerator Program will facilitate this expansion by providing necessary resources, including access to a network of seasoned industry professionals for strategic mentoring.

As another testament to its success, Koree won the Ecobank Fintech Challenge in October 2023, earning $50,000 in non-dilutive funding. This capital is allocated to recruiting business development and engineering professionals.

The Koree team, spread across Cameroon, Ivory Coast, Togo, Nigeria and Senegal, should according to Gauze-Sanga benefit from a central office in Douala, Cameroon. He believes that a physical workspace promotes team bonding and cultivates a strong work culture.


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