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Koree, a cameroonian financial technology company that allows customers to save spare cash (change) on their cards, has secured a $200,000 pre-seed funding round.
This injection of capital comes following Koree's impressive victory in the Ecobank Fintech Challenge, where they stood out among 1,490 pitches to claim the top prize of $50,000.
While details of the other investors remain undisclosed, Ecobank's participation in the round adds significant weight to Koree's potential.
The pan-African banking giant's backing signals confidence in Koree's innovative solutions and their ability to address the needs of Cameroon's underserved communities.
With this pre-seed funding, Koree is poised to accelerate its growth trajectory. Founder Magalie Gauze has already hinted at utilizing the funds to strengthen their team with key hires in business development and engineering.
Additionally, establishing an office in Douala, Cameroon's economic hub, is on the cards, further solidifying their local presence.
The specific nature of Koree's fintech offerings remain under wraps for now, but their success at the Ecobank Fintech Challenge suggests a focus on financial inclusion and accessibility.
With Cameroon's mobile money penetration hovering around 20%, there's vast potential for Koree to bridge the gap for the unbanked and underbanked populations.
This pre-seed round is a significant milestone for Koree, not just for the capital it brings but also for the validation it provides. With Ecobank's backing and a clear vision for financial empowerment, Koree is well-positioned to make a real impact in Cameroon's fintech landscape.
Keep your eyes peeled for further updates on Koree's journey as they gear up to revolutionize the way Cameroonians interact with financial services.