Cauridor, an Ivorian fintech startup, has raised a US $3.5 million seed round of funding to expand, fortify its payment rails, and enter new markets. The company uses a hybrid approach to payments that combines digital infrastructure with cash networks.
With its technology, Cauridor facilitates cash pickups, bank transfers, and mobile wallets through over 25,000 agents in Guinea, Senegal, Ivory Coast, Sierra Leone, and Liberia.
“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,” said Oumar Rafiou Barry, co-founder of Cauridor.
More than 90% of the company’s revenue is currently generated by its payment rails division, and in 2024, Cauridor’s total payment volume (TPV) is expected to reach US$500 million. With Oui Capital at the helm and Rally Cap, BKR Capital, and other angel investors participating, the company has now raised US$3.5 million in seed funding to expand, strengthen its payment rails, and penetrate new markets.
Cauridor will enter markets like Nigeria and Mali more quickly thanks to the funding.
“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,” Barry said.
