The Cameroonian fintech startup Koree recently secured $200,000 in pre-seed funding led by Tunde Akinnuwa, co-founder of Nigerian payments company Duplo. The funds raised will be used to launch a marketplace that rewards users for their purchases.
Expanding Merchant Network and Customer Base
Koree announced that it had raised $200,000 in pre-seed funding to expand its merchant network and bolster its customer base. The funding round was led by Tunde Akinnuwa, co-founder of Duplo, and included participation from Cameroon Angels Network, Catalytic Africa, and Digital Africa.
Introducing User Rewards
Koree plans to use the funds to introduce a new marketplace that allows users to earn rewards for their purchases. Magalie Gauze-Sanga, the founder of the fintech startup, explained that users will be able to earn a certain percentage of the amount they have spent across the Koree app's 14 categories.
"They shop as usual and earn a certain percentage of the amount they have spent. The money Koree users earn in their wallet is hard cash, which they can redeem directly into their mobile money account," said Gauze-Sanga.
Impressive Growth and Achievements
Since its launch in 2022, Koree has gained over 13,000 users and processed more than 50,000 transactions. In addition to securing funding through the pre-seed round, the fintech startup won the Orange Fab Cameroon 2023 Challenge, which connects startups with Orange's resource network.
Koree also emerged as the winner of the Ecobank Fintech Challenge and utilized the prize money to hire key personnel in development and engineering. Gauze-Sanga revealed that the company, which already has team members in Cameroon, Côte d'Ivoire, Togo, Nigeria, and Senegal, is planning to establish a physical office in Douala.
What are your thoughts on Koree's latest funding and its plans to launch a user rewards marketplace? Share your opinion in the comments section below.
Frequently Asked Questions
Is buying gold a good option for retirement planning?
Although it may not look appealing at first, buying gold for investment is worth considering when you consider the global average gold consumption per year.
Physical bullion is the most popular method of investing in gold. There are many ways to invest your gold. The best thing to do is research all options thoroughly and then make an informed decision based on what you want from your investments.
If you don't want to keep your wealth safe, buying shares in companies that extract gold and mining equipment could be a better choice. If you need cash flow from an investment, purchasing gold stocks is a good choice.
You can also put your money in exchange traded funds (ETFs). These funds allow you to be exposed to the price and value of gold by holding gold related securities. These ETFs usually include stocks of precious metals refiners or gold miners.
What is the cost of gold IRA fees
$6 per month is the Individual Retirement Account Fee (IRA). This fee includes account maintenance fees as well as any investment costs related to your selected investments.
If you want to diversify, you may be required to pay extra fees. The fees you pay will vary depending on the type of IRA that you choose. Some companies offer free checking, but charge monthly fees for IRAs.
A majority of providers also charge annual administration fees. These fees vary from 0% to 11%. The average rate is.25% annually. These rates can be waived if the broker is TD Ameritrade.
What does gold do as an investment?
The price of gold fluctuates based on supply and demand. Interest rates can also affect the gold price.
Due to their limited supply, gold prices fluctuate. Additionally, physical gold can be volatile because it must be stored somewhere.
Statistics
- If you accidentally make an improper transaction, the IRS will disallow it and count it as a withdrawal, so you would owe income tax on the item's value and, if you are younger than 59 ½, an additional 10% early withdrawal penalty. (forbes.com)
- Contribution limits$6,000 (49 and under) $7,000 (50 and up)$6,000 (49 and under) $7,000 (50 and up)$58,000 or 25% of your annual compensation (whichever is smaller) (lendedu.com)
- (Basically, if your GDP grows by 2%, you need miners to dig 2% more gold out of the ground every year to keep prices steady.) (smartasset.com)
- This is a 15% margin that has shown no stable direction of growth but fluctuates seemingly at random. (smartasset.com)
- You can only purchase gold bars at least 99.5% purity. (forbes.com)
External Links
investopedia.com
bbb.org
law.cornell.edu
- 7 U.S. Code SS7 – Designation boards of trade as contract market authorities
- 26 U.S. Code SS 408 – Individual retirement plans
wsj.com
- Saddam Hussein's InvasionHelped Uncage a Bear In 90 – WSJ
- Are you interested in keeping gold in your IRA at-home? It's not exactly legal – WSJ
How To
Investing in gold vs. investing in stocks
Investing in gold as an investment vehicle might seem like a very risky proposition these days. Many people believe that investing in gold is not profitable. This belief is based on the fact that gold prices are being driven down by global economic conditions. They fear that investing in gold will result in a loss of money. There are many benefits to investing in gold. Let's take a look at some of the benefits.
The oldest form of currency known to mankind is gold. It has been used for thousands of years. It has been used as a store for value by people all over the globe. It's still used by countries like South Africa as a method of payment.
When deciding whether to invest in gold, the first thing you need to do is to decide what price per gram you are willing to pay. When looking into buying gold bullion, you must decide how much you are willing to spend per gram. If you don’t know what the current market price is, you can always call a local jewelry store and ask them their opinion.
Noting that gold prices have fallen in recent years, it is worth noting that the cost to produce gold has gone up. Although gold's price has fallen, its production costs have not.
It is important to keep in mind the amount you plan to purchase of gold when you're weighing whether or not it is worth your time. It is sensible to avoid buying gold if you are only looking to cover the wedding rings. If you plan to do so as long-term investments, it is worth looking into. You can profit if you sell your gold at a higher price than you bought it.
We hope this article has given you an improved understanding of gold investment tools. It is important to research all options before you make any decision. Only then can you make informed decisions.
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By: Terence Zimwara
Title: Koree Raises $200,000 in Pre-Seed Funding to Launch User Rewards Marketplace
Sourced From: news.bitcoin.com/cameroonian-fintech-startup-koree-secures-200000-in-pre-seed-funding/
Published Date: Tue, 09 Jan 2024 12:30:10 +0000
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