Cameroonian fintech startup Koree raises $200,000 pre-seed round

Cameroonian fintech startup Koree, which allows customers to save spare cash (change) on their card, has raised $200,000 Pre-seed round.

The round was backed by Cameroon Angels Network, Catalytic Africa and Digital Africa. Tunde Akinnuwa, co-founder at Duplo and other private investors participated in the round.

Koree intends to use this funding to 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, across 14 categories ranging from bakery, supermarket, fast food, movies, pharmacy etc,” Gauze-Sanga said.

With Koree’s product, merchants can also create loyalty programmes where customers can earn cashback rewards.

Since its launch in September 2022, the fintech startup has attracted more than 13,000 users and processed over 50,000 cash-based transactions worth $400,000. Its users have created over 30,000 private wallets. The startup generates revenue from charging merchants a subscription fee in addition to a 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.