Cameroon-based fintech startup, Koree, is making waves in the financial technology landscape with a recent pre-seed funding injection of $200,000. The backing comes from a consortium of investors, including Cameroon Angels Network, Catalytic Africa, Digital Africa, and various private backers.
Empowering Users to Save Spare Change
Koree’s innovative solution addresses the challenge of spare change in economies heavily reliant on cash transactions. The company provides a card and digital wallet system, allowing merchants to refund customers’ spare change seamlessly. This not only streamlines transactions but also introduces a novel way for merchants to offer cashback rewards and launch loyalty programs.
Expanding Horizons and Enhancing User Experience
With the fresh funding, Koree has set its sights on expanding its merchant network and boosting its user base. The goal is to refine its card wallet payment solution for an even better product-market fit. Additionally, Koree plans to introduce new features to the app, enabling users to earn cash while shopping across various categories such as bakeries, supermarkets, fast food, movies, and pharmacies.
Tangible Impact and Impressive Metrics
Koree has already made significant strides, boasting over 13,000 users and facilitating more than 50,000 cash-based transactions. The platform has also crafted 30,000 private wallets for its users. The revenue model revolves around subscription fees charged to merchants and a commission on each customer transaction, ensuring a sustainable and scalable business model.
Real Cash Rewards for Users
One distinctive feature of Koree is its commitment to providing tangible benefits to users. The cash earned within the Koree wallet can be seamlessly redeemed directly into the user’s mobile money account, offering a real and practical incentive for customers.
Koree’s vision to revolutionize digital transactions in cash-dependent economies has gained significant traction. With this recent funding injection, the fintech startup is poised to make an even more substantial impact, offering users and merchants an innovative and user-friendly financial solution.
Source: The Payers