Koree is a Cameroonian fintech startup that allows customers to save spare cash (change) on their cards.
The startup has raised a $200,000 pre-seed round.
The round was backed by Tunde Akinnuwa, co-founder at Duplo. Cameroon Angels Network, Catalytic Africa, Digital Africa, and other private investors. participated as well
According to the founder of Koree, Magalie Gauze-Sanga, the company will use the fund to grow its network of merchants.
The company will also scale its user base, and ultimately achieve product-market fit.
To achieve these, Koree is set to launch a new marketplace that will enable users to get rewards on their everyday purchases.
“Consumers will now earn cash when they shop on the Koree app.” Gauze-Sanga said
Earnings will be in all 14 categories ranging from bakery, supermarket, fast food, movies, pharmacy etc.
With Koree’s product, merchants can also create loyalty programmes where customers can earn cashback rewards.
They shop as usual and earn a certain percentage of the amount they have spent.
Gauze-Shanga assured that the cash back rewards are redeemable in real spendable cash.
“The money Koree users earn in their wallet is hard cash, which they can redeem directly into their mobile money account.” He said.
The company will work with customers’ referenced payment service providers for them to be able to redeem their cashback.
Koree aims to solve the problem of spare change in cash-based economies by using a card and digital wallet.
These allows merchants to return their customers’ spare change.
Since its launch in September 2022, the fintech startup has registered more than 13,000 users .
This accounts for over 50,000 cash-based transactions processed, worth $400,000.
In that time, it has also generated 30,000 private wallets.
Its revenue source stems from merchants’ subscription fees and commission on each transaction for its customers.
In June 2023, Koree won the Orange Fab Cameroon challenge.
Four months later, in October, the company won the Ecobank Fintech Challenge, taking home $50,000 in non-dilutive funding.
Koree’s team spreads across Cameroon, Côte d’Ivoire, Togo, Senegal, and Nigeria.
