"In a remarkable feat, Koree, a Fintech company based in Cameroon, emerged victorious in the prestigious Ecobank Fintech Challenge, surpassing nearly 1,500 competitors.
This achievement earned them the top prize of $50,000 in non-dilutive funding, leaving behind eight other finalists. The second position was secured by Wolf Technologies from the Democratic Republic of Congo, winning $10,000, while Kenya's Flexpay claimed the third spot with a prize of $5,000.
Magalie Gauze, the founder of Koree, revealed plans to utilize the newly acquired funds for talent recruitment in business development and engineering. Additionally, Koree intends to establish a physical office in Douala, Cameroon, transitioning from its initial fully remote setup. Gauze emphasized that a centralized office would enhance team cohesion and strengthen the company's culture.
Koree offers innovative solutions with its card and digital wallet system, addressing spare change in cash-dominated economies. The platform enables merchants to digitally return customer change and implement loyalty programs, including cashback rewards. Over the past year, Koree has amassed a user base of more than 11,000 and facilitated over 40,000 cash transactions totaling $285,000. The company also established 22,000 private wallets during the same period, generating revenue through transaction fees and subscription charges.
This victory is particularly significant as Koree became the first Fintech from a Francophone country, led by a woman, to claim the top spot in the Ecobank Fintech Challenge. The event, hosted by Ecobank, a major African banking institution operating in 35 countries, witnessed Koree and seven other finalists joining the esteemed Ecobank Fintech Fellowship. This alumni network includes past winners like Piggyvest, Touch and Pay, Moni, and Nala.
Dr. Tomisi Fashina, Ecobank’s Group Executive for Operations and Technology, highlighted the impact of the challenge, revealing that alumni collectively secured $90 million in funding post-participation. Moreover, 10 alumni have been integrated into Ecobank’s pan-African sandbox, allowing them to test their products across 35 African nations. The bank's active involvement in the challenge significantly contributed to a 28% rise in digital payments, marking a pivotal moment in the African Fintech landscape."