Koree, a Cameroonian startup, aims to expand across Francophone Africa with its consumer app that serves as a digital wallet for loyalty cards.
- The app allows users to collect spare change from cash retail payment roundups and earn cashback from various stores and brands across multiple categories.
- Koree recently secured a EUR20,000 investment from Cameroon Angels Network (CAN), unlocking a 3X matching investment of EUR60,000 from Catalytic Africa, a co-investment fund established by the African Business Angels Network (ABAN) and AfriLabs.
- The scarcity of coins and low-value bills in French-speaking countries in Sub-Saharan Africa has hindered retailers’ transactions for years, affecting lower-income populations in particular.
- Koree’s product enables merchants to handle cash payments, which account for 85% of offline merchant transactions in the region. The startup currently serves 10,000 users and has 40 store partners, processing over 30,000 transactions worth more than US$200,000 since its inception.
- The app benefits consumers by allowing them to earn money on purchases made with cash, mobile money, or bank cards.
- Following its initial success in Douala, Cameroon, Koree plans to expand throughout Cameroon and into other markets in the Francophone Sub-Saharan Africa region, including Ivory Coast, Senegal, and the Democratic Republic of the Congo.