Cauridor, an Ivorian financial technology startup and a major player in Africa’s fintech industry, addresses the inefficiencies in business payments and remittances by utilising a hybrid approach that blends digital infrastructure with cash networks.
To boost its growth, fortify its payment rails, and enter new areas, the company just obtained $3.5 million in early capital.
The announcement was made on Wednesday. Oui Capital led the funding, which Rally Cap, BKR Capital, and various angel investors supported.
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Cauridor enables payments via 25,000+ agents across West Africa
According to Cauridor, their technology facilitates cash pickups, bank transfers, and mobile wallets via over 25,000 agents across Guinea, Senegal, Ivory Coast, Sierra Leone, and Liberia. These agents, primarily small business owners with point-of-sale (POS) systems that facilitate cash deposits, withdrawals, and bill payments, are a component of a widely used distribution strategy in the area.
Oumar Rafiou Barry, co-founder of Cauridor, highlighted the company’s mission, “We realised early on that the rails in Francophone Africa were almost non-existent. So we had to go in and start building payment rails in the region since the payments there were fragmented.”
The shift has proven successful, with the company’s payment rails division now generating over 90 per cent of its revenue. In 2023, Cauridor processed 2 million transactions and reached a $300 million total payment volume (TPV), which grew to $500 million in 2024.
The funding will accelerate Cauridor’s expansion into markets such as Mali and Nigeria. Barry noted that the company plans to enhance its technological capabilities by exploring blockchain integration for streamlined settlements.
He stated, “We are preparing for a Series A round and exploring blockchain integration to streamline settlements and tap into the growing adoption of stablecoins in Africa’s cross-border payment space.”
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Cauridor simplifies Africa’s payments for local and global transactions
Cauridor’s approach addresses long-standing inefficiencies in Africa’s payment ecosystem. Many businesses and individuals still rely on outdated agent networks or struggle with mobile wallet integrations.
Cauridor aims to enable seamless local and international transactions by integrating various platforms into a single network.
The company has partnered with global financial giants, including Western Union, MoneyGram, and Ria, and has collaborated with Orange and MTN.
Barry emphasised that their strong local presence contributes to better foreign exchange rates passed on to customers.
“When a recipient is unable to receive the full amount of a mobile money transfer due to incomplete KYC requirements, Cauridor steps in to assist in upgrading the account,” he explained.
With a dedicated team of over 300 employees and offices across multiple countries, Cauridor is well-positioned to tackle the challenges of cross-border payments in Africa while continuing its growth trajectory.
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