Cameroonian Fintech Startup Koree Raises $200,000 in Pre-Seed Funding

Expanding Merchant Network and Customer Base

The Cameroonian fintech startup Koree recently secured $200,000 in pre-seed funding. The funding round was led by Tunde Akinnuwa, co-founder of the Nigerian payments company Duplo. Other participants in the round included the Cameroon Angels Network, Catalytic Africa, and Digital Africa. The funds raised will be used by Koree to expand its merchant network and bolster its customer base.

Introducing a Rewards Marketplace

Koree plans to launch a new marketplace that will enable users to earn rewards for their purchases. According to Magalie Gauze-Sanga, the founder of Koree, users will be able to earn a certain percentage of the amount they have spent across the Koree app's 14 categories. The earned money can be redeemed directly into their mobile money account as hard cash.

Impressive Growth and Achievements

Since its launch in 2022, Koree has experienced significant growth, accumulating over 13,000 users and processing more than 50,000 transactions. In addition to securing funding through the pre-seed round, the fintech startup has also won the Orange Fab Cameroon 2023 Challenge, which connects startups with Orange's resource network. Koree has also emerged as the winner of the Ecobank Fintech Challenge, utilizing the prize money to hire key personnel in development and engineering.

Expanding Presence

Gauze-Sanga announced that Koree aims to establish a physical office in Douala, in addition to its current team members located in Cameroon, Côte d’Ivoire, Togo, Nigeria, and Senegal.

Frequently Asked Questions

Are silver and gold IRAs a good idea for you?

This could be a great way to simultaneously invest in gold and silver. There are also many other options. If you have any questions regarding these types of investments, please feel free to contact us anytime. We're always happy to help!

Are precious-metal IRAs a good option?

The answer depends on how much you are willing to risk an IRA account losing value. These are good if you have $10,000 of cash and don't expect them grow quickly. These may not be the best option if you are looking to save for retirement over many decades and invest in assets that will increase in value (e.g. gold). They can also come with fees that could cut into any gains.

What precious metals are permitted in an IRA

Gold is the most popular precious metal for IRA accounts. Gold bullion coins and bars are also available as investments.

Precious metals are considered safe investments because they don't lose value over time. Precious metals are also great for diversifying an investment portfolio.

Precious Metals include palladium, silver, and platinum. These three metals have similar properties. Each metal has its own use.

Platinum is used to make jewelry, for example. To create catalysts, palladium is used. Silver is used to producing coins.

It is important to consider how much money you are willing to spend on your precious metals when making a decision about which precious material to choose. It may be more cost-effective to purchase gold at lower prices per ounce.

You also need to think about whether your investment is private. If you do, you should choose palladium.

Palladium is worth more than gold. However, it is also rarer. So you'll likely have to pay more for it.

The storage fees of gold and silver are also important factors to consider when making a decision between them. Gold is stored by weight. For larger quantities of gold, you will be charged a higher storage fee.

Silver can be stored by volume. Silver is priced by volume. You will pay less to store smaller amounts.

If you decide to store your precious metals in an IRA, follow all IRS rules regarding gold and silver. This includes keeping track, and reporting to the IRS, all transactions.

Are gold IRAs a good investment?

Purchase shares in mining companies to invest in precious metals like gold. These companies can make you money by investing in precious metals and gold.

However, there are two drawbacks to owning shares directly:

You can lose money if you hold onto your stock too long. Stocks can fall more than their underlying asset (like, gold) when they decline. This could mean that you lose money rather than making it.

Second, you may miss out on potential profits if you wait until the market recovers before selling. Therefore, you might need patience and wait for the market recovery before making any profit from your gold investments.

However, if you want to separate your investments from your financial affairs, physical gold can still be a great investment option. A gold IRA can help you diversify your portfolio, and protect against inflation.

Visit our website for more information on gold investing.

What precious metals do you have that you can invest in for your retirement?

The first step to retirement planning is understanding what you have saved now and where you are saving money. To find out how much money you have, take a inventory of everything that you own. You should list all savings accounts, stocks and bonds, mutual funds certificates of deposit (CDs), annuities, life insurance policies, annuities 401(k), real estate investments, and any other assets like precious metals. Then add up all of these items to determine how much you have available for investment.

If you are between 59 and 59 1/2 years, you might consider opening a Roth IRA. Traditional IRAs allow you to deduct contributions out of your taxable income. Roth IRAs don't. However, you can't take tax deductions from future earnings.

If you decide you need more money, you will likely need to open another investment account. Start with a regular brokerage.

How does an IRA for gold and/or silver work?

An IRA that is gold or silver allows you the opportunity to invest in precious metals without paying tax on any gains. People who want to diversify portfolios will find them attractive investments.

If you are over 59 1/2, income tax is not due on the interest earned from these accounts. On any appreciation in value of the account, you don't have to pay capital gain tax. This account has a limit on how much you can put in. The minimum amount is $10,000. If you are less than 59 1/2, you cannot invest. The maximum annual contribution allowed is $5,500

If you die prior to retirement, your beneficiaries may not receive the full amount. Your estate should contain sufficient assets to cover your account's remaining balance after paying any other expenses.

Some banks offer a gold or silver IRA option, while others require that you open a regular brokerage account where you can buy certificates or shares.


  • If you accidentally make an improper transaction, the IRS will disallow it and count it as a withdrawal so that you would owe income tax on the item's value and, if you are younger than 59 ½, an additional 10% early withdrawal penalty. (
  • The IRS also allows American Eagle coins, even though they do not meet gold's 99.5% purity standard. (
  • To qualify as IRA allowable precious metals and be accepted by STRATA, the following minimum fineness requirements must be met: Gold must be 99.5% pure, silver must be 99.9% pure, and platinum and palladium must both be 99.95% pure. (
  • Depending on your financial situation, most experts recommend you invest no more than 5% to 10% of your retirement funds in precious metals. (

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How To

How to buy silver with your IRA

How to start buying silver with your IRA – The best way to invest in gold and silver is through direct ownership of physical bullion. Bars and silver coins are the most common form of investment. They offer liquidity, diversification, and convenience.

There are several options to purchase precious metals, like gold or silver. You can purchase them directly through their producers, which include mining companies or refiners. If you don't want the hassle of dealing with a producer directly, you can purchase them from a dealer that buys and trades bullion products.

This article will discuss how to start investing in silver with your IRA.

  1. Investing directly in Gold & Silver – This is your first choice for buying precious metals. This is the best way to get bullion right from the source and have it delivered straight to your house. Some investors keep their bullion at home, while others store it in a secure storage unit. When you hold onto your precious metal, ensure you're storing it properly. Many storage facilities offer insurance coverage for fire, theft, damage, and other risks. But even with insurance, you risk losing your investments due to natural disasters or human error. The safe storage of precious metals at a bank or credit card union is always recommended.
  2. Online Precious Metals Buying – If you prefer not to transport heavy boxes of precious metal around, then buying bullion online is an option. Bullion dealers have a wide range of bullion options, including bars and coins. Coins come in different sizes, shapes, and designs. Coins are generally easier to transport than bars and more affordable. There are many sizes and weights of bars. Bars come in a variety of sizes and weights. Some bars weigh hundreds while others weigh just a few pounds. When choosing which bar to buy, it is important to consider what you will use it for. If you plan on giving it as gifts, you might choose something smaller. You might spend more money if you plan to display it and add it to your collection.
  3. Buying Precious metal from Dealers-A third option is buying bullion through a dealer. Most dealers only specialize in one type of market, either silver or gold. Some dealers specialize in particular types of bullion like rounds or minted currency. Others may specialize in specific areas. And yet others specialize in bulk purchases. Regardless of which dealer you choose, you'll likely find that they offer competitive prices and convenient payment methods.
  4. Buy Precious Metallics from Retirement Accounts. While technically not an “investment”, it's possible to invest in retirement accounts to gain exposure. A qualified retirement account is required to invest in precious metals in order to qualify for Section 219 IRS Code tax benefits. These include IRAs, 401(k)s, and 403(b) plans. These accounts offer higher returns because they are created to help you plan for retirement. In addition, most of these accounts allow you to diversify your holdings across multiple metals. But what's the downside? There are limitations to retirement account investments. These accounts are only available to employees of employers who sponsor them.


By: Terence Zimwara
Title: Cameroonian Fintech Startup Koree Raises $200,000 in Pre-Seed Funding
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Published Date: Tue, 09 Jan 2024 12:30:10 +0000

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