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Cameroonian Fintech Koree Secures $200,000 in Pre-seed Funding

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Koree, a Cameroonian fintech startup that allows people to save spare change from their card transactions, has raised $200,000 in a pre-seed funding round.

The funding will be used to grow Koree’s network of merchants, scale its user base, and ultimately achieve product-market fit.

“Koree works by allowing users to link their debit or credit cards to the Koree app. Whenever a user makes a purchase, Koree rounds up the transaction amount to the nearest dollar and deposits the spare change into the user’s Koree wallet. Users can then use their Koree wallet to make purchases at participating merchants or transfer the money to their bank account.”

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The firm also offers a loyalty program that allows users to earn cashback rewards on their purchases. The cashback rewards can be redeemed for cash or used to make purchases at participating merchants.

The funding round was led by Tunde Akinnuwa, co-founder of Duplo, and included participation from the Cameroon Angels Network, Catalytic Africa, Digital Africa, and other private investors.

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The company plans to use the funding to grow its network of merchants, scale its user base, and launch a new marketplace that will allow users to get rewards on their everyday purchases. The company also plans to expand into other African countries.

Koree’s team is spread across Cameroon, Côte d’Ivoire, Togo, Nigeria, and Senegal. The company plans to open a physical office in Douala, Cameroon, in order to help the team bond and create a strong work culture.

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Diana Mutheu
Diana Mutheu
Diana Mutheu is a Tech enthusiast, happy to delve deeper into the African tech space covering Social Media, AI, Startups, Telcos, Cryptocurrency, Big Data, Women in Tech and all matters Tech. Write to me @[email protected]

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