Koree, a Cameroonian app, plans Francophone Africa expansion with Catalytic Africa funding.
Koree, a Cameroonian startup established in September 2022, is gearing up for a significant expansion across Francophone Africa, thanks to financial support from Catalytic Africa. Koree, a consumer-focused application designed to serve as a digital wallet for loyalty cards, has received a substantial boost from the recent infusion of funds.
This startup, Koree received €20,000 from the Cameroon Angels Network and €60,000 from Catalytic Africa, to address the scarcity of coins and low-value bills in Sub-Saharan Africa, slowing retailer transactions.
Aside from that, merchants face challenges in low-value transactions, particularly among lower-income populations, due to high fees, distorted transactions, or aborted transactions. Inflationary prices reduce consumers' purchasing power, especially in FSSA, where consumers have one of the lowest purchasing powers globally.
Since its launch, the cash-based payment technology Koree has handled over 30,000 transactions totaling over $200 million. It enables customers to make money from purchases and has 10,000 users and 40 retail partners. Koree, which is supported by CAN and Catalytic, intends to grow beyond of Douala, Cameroon.
According to Gauze-Sanga, we intend to grow not just in the FSSA markets but also in the Ivory Coast, Senegal, and the Democratic Republic of the Congo.
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