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Until a few years ago, it was difficult to pay across the border anywhere in the world. However, it is still a major problem in Africa, where fragmented, disconnected system, high fees and weak infrastructure business and faster and affordable money for individuals make it tight.
Most people and businesses still rely on the old agent networks or jumps with mobile wallet integration. However, there is a special demand for cheap and simple options, especially in under -region like Francephone Africa.
Ivorian fintech Caoridor It is being prepared to solve it, and it has recently raised $ 3.5 million seed funds to continue paying its payments, which merchandise, banks, telecom operators and finance transfer companies remove funds outside and outside Africa.
Curidore says its platform supports mobile wallets, bank transfer and cash pickups through the network of over 25,000 agents across Guinea, Senegal, Ivory Coast, Sierra Leone and Liberia. These agents are part of a popular distribution approach in the region-usually small business owners are equipped with point-off-sales (POS) devices and enables cash deposits, withdrawals and bills.
Curidor is resorting to a hybrid approach to solve money transfer problems – the other fintecs in this region alikely Combine cash networks with digital infrastructure For the need for local payment. Nevertheless, this method has enabled the remittance corridors in the main markets like Ghana and Nigeria and enabled the Orange and MTN partnership with big players like RIA, Moneygram and Western Union as well as group-level contracts.
From Remittance to B2B Payment
Curidore founder Oummer Rafiu Barry And Wow The challenges of sending back home to Guinea were first hand experience while studying in Canada. They faced slow, expensive remittance options in Frenchophon Africa, it was prolonged region by worldwide remittance industry.
In 2019, this disappointment managed to start the BNB Cash App, consumer-centered remittance platform to send money to Africa to Africa. The application is integrated with an agent network equipped with a mobile wallet like MTN and a mobile portal to facilitate cash payment.
However, as the platform grows, the founders faced a greater challenge: African fragmented and inefficient payment infrastructure. “We quickly realized that the Franceophone African rail was almost non -existent. So since the payment of the money, we had to start building payment railways in this area, “CEO told Barry TechCrunch.
By sensiting an opportunity, the team was introduced in 2022 for the payment of payment rail for the region. By 2023, the company integrates its consumer remittance business and B2B payment infrastructure under the Curidore brand, much like Tanzania R 2 we Operational model.
The shift is closed: More than 90% of the company’s revenue now comes from its payment rail business. In 2023, Curidor processed 2 million transactions and recorded the total payment volume (TPV) $ 300 million, which increased to $ 500 million in 2024, the company said.
Competition and future plans
When Barry refers to more prominent players Onfric And Thunder As Kurbidor’s main competition, he states that his company remains relevant because it like Guinea and Liberia created a payment rail in the market.
He mentions that Hands-on Customer Service and Price have helped to hold customers. Fintech offers customer service to solve common problems such as mobile money transactions that are rejected due to incomplete KYC. For example, if a recipient can only get $ 10 in paying $ 700, Curidor helps to upgrade their account and ensure that passing through the transaction.
Barry thinks the strong local presence in the corridor gives it an edge in the protection of better forex margin, which it runs to its customers. He said that this facility helped the agency attract large clients like Moneygram, which switched for better rates from competitors and improved customer support.
Interestingly, the competition does not cancel support in the place of inter -fund paid. Some competitors in Curidore depend on its infrastructure in specific regions, as it is partners with companies like Thuns to reach the global.
Curidore recruits around 200 worldwide and has offices in Ivory Coast, Senegal, Guinea, Sierra Leone and Liberia.
Pan-African VC Farm was led by the seed round Yes capitalAnd rally caps, BKR Capital and some angels have seen investors participating.
With the new cash, the company plans to expand the new market (it has a new opening office this year in Mali and Nigeria), its teams expel and increase marketing efforts. Barry told TechCrunch that Curidor was also preparing for a series in a series and exploring the blockchain integration that tap the growth of stabbles to the inter -rate of Africa to flow.
