Cameroon-based fintech startup Koree secured a € 20,000 investment from Cameroon Angels Network (supported by ActivSpaces), prompting a 3X matching investment from Catalytic Africa, joining the list of African early-stage startups that have gotten a boost from the matching fund to scale their businesses. This makes Koree (a card wallet application that addresses Sub-Saharan Francophone Africa spare change scarcity) the first women-led startup in Francophone Africa to receive funding of this kind.
Currently raising its pre-seed round, the startup highlights that this funding gives confidence to the investor community that it is determined to grow, and with this matching fund, it will be able to simultaneously resolve the “change shortage” in Francophone Africa as well as empower clients through an incentive-reward system.
“Koree aims to transform the retail payment and marketing landscape in Sub-Saharan Francophone Africa by offering inclusive solutions for both customers and merchants. The startup addresses the region’s rampant spare change scarcity, which makes cash payments for low-cost items with high-value bills nearly impossible. Simultaneously, we look forward to empowering millions of African consumers through an inventive reward system,” Koree Founder Magalie Gauze-Sanga.
Koree, which runs dual mobile applications Koree and Koree Pro through the digitization of cash merchant payments, while simultaneously empowering millions of African consumers through an incentive reward system, is committed to creating simple, secure, and reliable payments through the provision of practical solutions that ensure clients have a remarkable shopping experience.
“Investing in female-led startups has become an imperative in today’s dynamic startup ecosystem landscape. The Cameroon Angels Network (CAN) recognizes this significance and stands as a beacon of support for such enterprises. Co-investing with CAN through Catalytic Africa in Koree not only empowers women entrepreneurs but also signifies strong commitment towards promoting diversity, innovation, and sustainable economic growth” Fadilah Tchoumba, Fund Manager, Catalytic Africa
With the unlocked funds from Catalytic Africa, the startup plans to apply the extra cash to develop its product offering and build a sales team and brand awareness in its quest to become the market leader in cashback.
Catch the complete interview with the startup’s founder right here!