The Cameroonian fintech startup Koree recently secured $200,000 in pre-seed funding, led by the co-founder of Nigerian payments company Duplo. With this new capital infusion, Koree plans to launch a marketplace that rewards users for their purchases.
Users Rewards
Koree, a Cameroonian fintech startup, has recently raised $200,000 in pre-seed funding to expand its merchant network and strengthen its customer base. The funding round was led by Tunde Akinnuwa, co-founder of Nigerian payments company Duplo. Other participants included the Cameroon Angels Network, Catalytic Africa, and Digital Africa.
According to a report, Koree intends to utilize the raised funds to establish a new marketplace where users can earn rewards for their purchases. Magalie Gauze-Sanga, the founder of the fintech startup, explained that users will receive a certain percentage of the amount they spend 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," stated the founder.
Since its launch in 2022, Koree has attracted over 13,000 users and processed more than 50,000 transactions. In addition to securing capital through the pre-seed round, the startup emerged victorious in the Orange Fab Cameroon 2023 Challenge, which facilitates connections between startups and Orange's resource network.
Koree also triumphed in the Ecobank Fintech Challenge, utilizing the prize money to recruit key personnel in development and engineering. Furthermore, Gauze-Sanga revealed that the fintech startup, which already has team members in Cameroon, Côte d'Ivoire, Togo, Nigeria, and Senegal, has plans to establish a physical office in Douala.
Frequently Asked Questions
Should You Buy or Sell Gold?
In the past, gold was considered a haven for investors during economic turmoil. Many people today are moving away from stocks and bonds to look at precious metals, such as gold, as a way to diversify their investments.
The gold price has been in an upward trend for the past few years, but it remains relatively low compared with other commodities like silver or oil.
Some experts think that this could change in the near future. According to them, gold prices could soar if there is another financial crisis.
They also mention that gold is becoming more popular due to its perceived worth and potential return.
If you are considering investing in gold, here are some things that you need to keep in mind.
- First, consider whether or not you need the money you're saving for retirement. You can save for retirement and not invest your savings in gold. That said, gold does provide an additional layer of protection when you reach retirement age.
- Second, ensure you fully understand the risks involved in buying gold. Each offer varying degrees of security and flexibility.
- Remember that gold is not as safe as a bank account. Losing your gold coins could result in you never being able to retrieve them.
Do your research before you buy gold. You should also ensure that you do everything you can to protect your gold.
How much should precious metals be included in your portfolio?
This question can only be answered if we first know what precious metals are. Precious metals refer to elements with a very high value relative other commodities. This makes them valuable in investment and trading. Gold is currently the most widely traded precious metal.
There are also many other precious metals such as platinum and silver. The price for gold is subject to fluctuations, but stays relatively stable in times of economic turmoil. It is not affected by inflation or deflation.
The general trend is for precious metals to increase in price with the overall market. However, the prices of precious metals do not always move in sync with one another. For instance, gold's price will rise when the economy is weak, while precious metals prices will fall. This is because investors expect lower rates of interest, which makes bonds less attractive investments.
The opposite effect happens when the economy is strong. Investors want safe assets such Treasury Bonds and are less inclined to demand precious metals. These precious metals are rare and become more costly.
It is important to diversify your portfolio across precious metals in order to maximize your profit from precious metals investments. It is also a good idea to diversify your investments in precious metals, as prices tend to fluctuate.
Should You Invest Gold in Retirement?
This will depend on how much money and whether you were able to invest in gold at the time that you started saving. If you are unsure which option to choose, consider investing in both options.
Not only is it a safe investment but gold can also provide potential returns. It is a good choice for retirees.
While many investments promise fixed returns, gold is subject to fluctuations. Its value fluctuates over time.
But this doesn't mean you shouldn't invest in gold. You should just factor the fluctuations into any overall portfolio.
Another advantage of gold is its tangible nature. Gold can be stored more easily than stocks and bonds. It can also be transported.
As long as you keep your gold in a secure location, you can always access it. Physical gold is not subject to storage fees.
Investing in gold can help protect against inflation. Gold prices are likely to rise with other commodities so it is a good way of protecting against rising costs.
Additionally, it will be a benefit to have some of your savings invested into something that won't lose value. Gold usually rises when the stock market falls.
Another benefit to investing in gold? You can always sell it. Like stocks, you can sell your position anytime you need cash. You don’t even need to wait until retirement to liquidate your position.
If you do decide to invest in gold, make sure to diversify your holdings. You shouldn't try to put all of your eggs into one basket.
Don't purchase too much at once. Start small, buying only a few ounces. Then add more as needed.
The goal is not to become rich quick. It's not to get rich quickly, but to accumulate enough wealth to no longer need Social Security benefits.
Gold may not be the most attractive investment, but it could be a great complement to any retirement strategy.
Statistics
- 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)
- Gold is considered a collectible, and profits from a sale are taxed at a maximum rate of 28 percent. (aarp.org)
- Instead, the economy improved, stocks rebounded, and gold plunged, losing 28 percent of its value in 2013. (aarp.org)
- The price of gold jumped 131 percent from late 2007 to September 2011, when it hit a high of $1,921 an ounce, according to the World Gold Council. (aarp.org)
External Links
cftc.gov
investopedia.com
- Are You a Good Candidate for a Gold IRA
- What are the Options Types, Spreads, Example and Risk Metrics
irs.gov
bbb.org
How To
Guidelines for Gold Roth IRA
It is best to start saving early for retirement. It is best to start saving for retirement as soon you can (typically at age 50). It's vital to contribute enough money each year to ensure adequate growth on an ongoing basis.
Also, you want to take advantage tax-free options such as a traditional 401k, SEP IRA or SIMPLE IRA. These savings vehicles allow you to make contributions without paying taxes on earnings until they are withdrawn from the account. They are a great option for those who do not have access to employer matching money.
It is important to save consistently over time. You'll miss out on any potential tax benefits if you're not contributing the maximum amount allowed.
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By: Terence Zimwara
Title: Cameroonian Fintech Startup Koree Secures $200,000 in Pre-Seed Funding
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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