Source: Tech Labari
Cameroon-based fintech startup, Koree, has raised pre-seed funding of $200,000 from investors. The company which enables customers to save their spare change on their cards raised contributions from Cameroon Angels Network, Catalytic Africa, Digital Africa, and several other private investors.
Koree aims to expand its merchant network and increase its user base, looking for a better product-market fit for its card wallet payment solution.
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The company’s solution tackles 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.
Koree has 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.
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Source: Tech Labari
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