The Cameroonian fintech startup Koree recently secured $200,000 in pre-seed funding, with the round being led by Tunde Akinnuwa, co-founder of Nigerian payments company Duplo. The funding will be used by Koree to launch a marketplace that offers users rewards for their purchases.
Expanding Merchant Network and Customer Base
Koree, the Cameroonian fintech startup, has announced that it raised $200,000 in pre-seed funding. The round was led by Tunde Akinnuwa, co-founder of Duplo, a Nigerian payments company. Other participants in the funding 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 strengthen its customer base.
Users to Earn Rewards
Koree plans to utilize the raised funds to launch a new marketplace that allows users to earn rewards for their purchases. Magalie Gauze-Sanga, the founder of Koree, stated that users will be able to earn a percentage of the amount they spend across the 14 categories available on the Koree app. The earned rewards will be in the form of hard cash, which users can directly redeem into their mobile money accounts.
"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," explained the founder.
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 capital through the pre-seed funding round, the fintech startup emerged as the winner of the Orange Fab Cameroon 2023 Challenge, a platform that connects startups with Orange's extensive resource network.
Koree also achieved success by winning the Ecobank Fintech Challenge, using the prize money to recruit key personnel in development and engineering. With team members already located in Cameroon, Côte d’Ivoire, Togo, Nigeria, and Senegal, Koree aims to establish a physical office in Douala.
We would love to hear your thoughts on this exciting development. Share your opinions in the comments section below.
Frequently Asked Questions
How much should you have of gold in your portfolio
The amount that you want to invest will dictate how much money it takes. You can start small by investing $5k-10k. Then as you grow, you could move into an office space and rent out desks, etc. Renting out desks and other equipment is a great way to save money on rent. Only one month's rent is required.
You also need to consider what type of business you will run. My company is a website creator. We charge our clients about $1000-2000 per monthly depending on what they order. If you are doing this type of thing, it is important to think about how much you can expect from each client.
As freelance work requires you to be paid freelancers, your monthly salary won't be as high as mine. You may get paid just once every 6 months.
You need to determine what kind or income you want before you decide how much of it you will need.
I would recommend that you start with $1k-2k worth of gold and then increase your wealth.
What is a Precious Metal IRA and How Can You Benefit From It?
A precious metal IRA lets you diversify your retirement savings to include gold, silver, palladium, rhodium, iridium, osmium, osmium, rhodium, iridium and other rare metallics. These rare metals are often called “precious” as they are very difficult to find and highly valuable. They are great investments for your money, and they can protect you from inflation or economic instability.
Bullion is often used to refer to precious metals. Bullion refers simply to the physical metal.
Bullion can be bought through many channels, including online retailers, large coins dealers, and some grocery shops.
A precious metal IRA allows you to invest directly in bullion, rather than buying stock shares. This ensures that you will receive dividends each and every year.
Precious Metal IRAs don’t require paperwork nor have annual fees. Instead, you only pay a small percentage on your gains. You can also access your funds whenever it suits you.
How Much of Your IRA Should Be Made Up Of Precious Metals
You should remember that precious metals are not only for the wealthy. You don't have to be rich to invest in them. In fact, there are many ways to make money from gold and silver investments without spending much money.
You may consider buying physical coins such as bullion bars or rounds. Shares in precious metals-producing companies could be an option. You might also want to use an IRA rollover program offered through your retirement plan provider.
You'll still get the benefit of precious metals no matter which country you live in. Even though they aren't stocks, they still offer the possibility of long-term growth.
They also tend to appreciate over time, unlike traditional investments. If you decide to make a sale of your investment in the future, you will likely realize more profit than with traditional investments.
What are the fees associated with an IRA for gold?
A monthly fee of $6 for an Individual Retirement Account is charged. This includes the account maintenance fees and any investment costs associated with your chosen investments.
Diversifying your portfolio may require you to pay additional fees. The fees you pay will vary depending on the type of IRA that you choose. Some companies offer checking accounts for free, while others charge monthly fees for IRA account.
A majority of providers also charge annual administration fees. These fees range between 0% and 1 percent. The average rate is.25% each year. These rates are usually waived if you use a broker such as TD Ameritrade.
Can the government seize your gold?
Because you have it, the government can't take it. You earned it through hard work. It belongs to your. However, there may be some exceptions to this rule. You could lose your gold if convicted of fraud against a federal government agency. You can also lose precious metals if you owe taxes. However, even if you don't pay your taxes, your gold can be kept as property of the United States Government.
Is it a good idea to open a Precious Metal IRA
It is essential to be aware of the fact that precious metals do not have insurance coverage before opening an IRA. There are no ways to recover the money you lost in an investment. This includes losing all your investments due to theft, fire, flood, etc.
Investing in physical gold and silver coins is the best way to protect yourself from this type of loss. These items can be lost because they have real value and have been around for thousands years. If you were to sell them today, you would likely receive more than what you paid for them when they were first minted.
If you decide to open an IRA account, choose a reputable company that offers competitive rates and products. A third-party custodian is a good option. They will protect your assets while giving you easy access whenever you need them.
You won't get any returns until you retire if you open an account. Remember the future.
Can I have a gold ETF in a Roth IRA
A 401(k) plan may not offer this option, but you should consider other options, such as an Individual Retirement Account (IRA).
Traditional IRAs allow contributions from both the employer and employee. Another option is to invest in publicly traded corporations with an Employee Stockownership Plan (ESOP).
An ESOP is a tax-saving tool because employees have a share of company stock as well as the profits that the business generates. The money invested in ESOPs is taxed at a lower rate that if it were owned directly by an employee.
An Individual Retirement Annuity (IRA) is also available. An IRA allows you to make regular payments throughout your life and earn income in retirement. Contributions made to IRAs are not taxable.
Statistics
- Indeed, several financial advisers interviewed for this article suggest you invest 5 to 15 percent of your portfolio in gold, just in case. (aarp.org)
- Instead, the economy improved, stocks rebounded, and gold plunged, losing 28 percent of its value in 2013. (aarp.org)
- 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)
- Gold is considered a collectible, and profits from a sale are taxed at a maximum rate of 28 percent. (aarp.org)
- If you take distributions before hitting 59.5, you'll owe a 10% penalty on the amount withdrawn. (lendedu.com)
External Links
cftc.gov
- Fraud Advisory: Precious Metals Fraud
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