Cameroonian fintech startup, Koree, which enables customers to save their spare change on their cards, has successfully secured a pre-seed funding round of $200,000.
Koree plans to utilise these funds to expand its merchant network, increase its user base, and ultimately strive for product-market fit, as stated by Koree’s founder, Magalie Gauze-Sanga.
Since its establishment in September 2022, Koree has enlisted over 13,000 users and processed more than 50,000 cash-based transactions, amassing to a total of $400,000.
During the same period, the fintech company developed 30,000 private wallets. Koree’s revenue generation comes from charging subscription fees to merchants plus a commission on each customer transaction.
Koree’s solution is aimed at resolving the issue of spare change in cash-dependent economies by offering a card and digital wallet that enables merchants to refund their customers’ spare change. Additionally, with Koree’s product, merchants can also launch loyalty programs that offer cashback rewards for their customers.
As part of its strategy to maximize the utility of the pre-seed investment, Koree is poised to introduce a new marketplace, which would allow its users to earn rewards on their daily purchases.
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