Cameroonian fintech startup Koree, specializing in helping customers save spare change on their cards, has successfully raised a $200,000 pre-seed round. The funding round was supported by Cameroon Angels Network, Catalytic Africa, Digital Africa, and private investors, including Tunde Akinnuwa, co-founder at Duplo.
Koree plans to utilize the funds to expand its user base and achieve product-market fit. To realize these goals, the company is preparing to launch a new marketplace, offering users rewards for everyday purchases.
“Consumers will now earn cash when they shop on the Koree app, covering 14 categories such as bakery, supermarket, fast food, movies, pharmacy, etc.,” stated Gauze-Sanga, emphasizing the platform’s versatility.
Koree’s innovative approach also allows merchants to create loyalty programs, enabling customers to earn cashback rewards.
Since its debut in September 2022, the fintech startup has amassed over 13,000 users and facilitated more than 50,000 cash-based transactions, totaling $400,000. Users have established over 30,000 private wallets. The startup’s revenue model involves charging merchants a subscription fee along with a commission on each transaction for its customers.
Koree achieved notable recognition by winning the Orange Fab Cameroon challenge in June 2023. Building on this success, four months later, in October, the company secured victory in the Ecobank Fintech Challenge, securing $50,000 in non-dilutive funding.
