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A few years ago, it was difficult to pay between borders anywhere in the world. However, it is still a big problem in Africa, where it is broken, non-connected systems, high duties and weak infrastructure, businesses and individuals to quickly and favorably.
The majority of people and enterprises are still obsolete, trust in networks or mobile wallet integrations. However, the cheaper and easier alternatives, especially in areas sold as Francophone Africa, are easier.
Fintech Conservative It is established to solve this, and recently raised $ 3.5 million to $ 3.5 million to continue to build money transfer companies to transfer money in Africa and money transfer companies.
Supports mobile wallets, banking transfers and cash pickups through more than 25,000 agent networks along the Cauridor, Platform, Senegal, Ivory, Sierra Leone and Liberia. These agents are part of a popular distribution method in the region – usually small business owners equipped with selling points (POS) devices and activate cash deposits, removal and bill.
Cauidor accepts a hybrid approach to the solution of money transfer problem – the other Fintechs in the region in the same way Connect cash networks with digital infrastructure for local payment needs. Again, this allows you to manage money transfer corridors to key markets, such as Ghana and Nigeria, along with the partnership with orange and MNS, allowed to establish group-level agreements with large players such as RIA, MoneyGram and Western Union.
From money transfer to B2B payments
Cauidor’s founders Oumar Rafiou Barry and Abdoulaye ba While studying in Canada, Send money to Guinea lived the first challenges. FrancoPhone is a long area by slow, expensive money transfer options in Africa, a global money transfer industry.
In 2019, this disappointment began to launch a consumer-oriented money transfer platform for users in Canada to send money to Africa. The application is combined directly with banks, the MTN is combined with an agent network equipped with a mobile portal to facilitate mobile wallets and cash payments.
However, as the platform grew up, the founders encountered a bigger problem: fragmented and inefficient payment infrastructure in Africa. “I realized that the rails in the francophone were almost Africa. So we have to start building the payment in the region,” said CEO Barry Techcrunch.
By feeling an opportunity, the team was Pivint to build payment rails for the region in 2022. Until 2023, the company combined consumer money transfer work under a large number of protection brands such as Tanzania and B2B payment infrastructure R2 we Operation model.
Next turn: More than 90% of the company’s income now comes from the work of the payment districts. In 2024, the $ 2 million operation processed 2 million operations and the total payment volume (TPV) reached $ 500 million in 2024.
Competition and future plans
Barry is more prominent players Onshore and Thunes As the main competition of Cauidor, he says the company is relevant, because it says, “No one looks at”, like “no one looks.”
He noted that the hands-customer service and prices also helped to store customers. Fintech provides customer service to solve common problems such as mobile money transactions denied due to incomplete KYC. For example, if a buyer can pay $ 10 off a $ 700 payment, it takes guards to update their accounts and ensure the transaction.
Barry gives the strongest local existence of the corridor, the better the forex edges to customers. According to him, this preferred company has helped attract key customers like MoneyGram, which passes the opponents for better rates and improved customer support.
It is interesting that does not rule out competitive cooperation in the field of payments on the border. The appraiser relys on the infrastructure in specific areas as the opponents together with companies like Thunes to reach a global.
The guide is around 200 people in the world and has offices in the Ivory Coast, Senegal, Guinea, Sierra Leone and Liberia.
The seed tour was headed by Pan-African VC company Yes the capitaland saw the rally cover, BKR’s capital and some angel investors.
Fresh cash, the company plans to expand in new markets (this year has new offices of Mali and Nigeria), remove their teams and increases marketing efforts. Barry, TechCrunch to TechCrunch, also prepares a number of and to explore the collapsin integration to adjust the settlements and touch the growing admission of Stablecoins in the field of payment on the African border.
