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Until a few eld ago , it used to be difficult to make payment across borders almost anywhere in the world . But it ’s still a big job in Africa , where fragmentise , staccato organisation , high fees , and poor base make it tough for clientele and individuals to move money chop-chop and affordably .
The majority of citizenry and businesses still swear on outdated agent internet or cope with nomadic wallet desegregation . But there is touchable need for cheap and easy alternatives , particularly in underserved part like Francophone Africa .
The Guinea - based fintechCauridoris setting out to solve that , and it lately raised $ 3.5 million in germ funding to continue building its payment rails that let merchandiser , bank , telecommunication operators , and money transfer fellowship move finances in and out of Africa .
Cauridor tell its platform stick out mobile wallets , bank transfers , and cash pickup through a internet of more than 25,000 agents across Guinea , Senegal , Ivory Coast , Sierra Leone , and Liberia . These agents are part of a democratic dispersion method acting in the realm — they ’re normally little business owners equipped with compass point - of - sales event ( POS ) devices and enable cash deposits , withdrawals , and bill payments .
Cauridor is adopting a intercrossed feeler to reset the money transfer of training trouble — the same way other fintechs in the regioncombine cash electronic web with digital infrastructurefor local payment want . Still , the plan of attack has enable it to operate remitment corridor to key markets like Ghana and Nigeria , and set up group - level contracts with major participant such as Ria , MoneyGram , and Western Union , alongside partnerships with Orange and MTN .
From remittance to B2B payments
Cauridor ’s foundersOumar Rafiou BarryandAbdoulaye Bahexperienced firsthand the challenge of sending money back home to Guinea when studying in Canada . They faced dull , expensive remitment options in Francophone Africa , a neighborhood long underserved by the globose remittal industry .
In 2019 , this frustration get them to start up BNB CashApp , a consumer - focused remittal platform for user in Canada to send money to Africa . The app integrated immediately with coin bank , mobile notecase like MTN , and an agentive role connection outfit with a mobile hepatic portal vein to facilitate John Cash payouts .
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But as the platform mature , the laminitis encountered a gravid challenge : Africa ’s fragmented and ineffective payment substructure . “ We realized early on that the rails in Francophone Africa were almost nonexistent . So we had to go in and start building payment rails in the realm since the defrayment there were fragmented , ” CEO Barry told TechCrunch .
Sensing an opportunity , the squad pivoted in 2022 to build defrayal rails for the realm . By 2023 , the company had merged its consumer remittal business and B2B payment base under the Cauridor brand , much like Tanzania’sNala ’s and Rafiki’soperational model .
The displacement paid off : Over 90 % of the company ’s revenue now derive from its payment rails business . In 2023 , Cauridor processed 2 million minutes and memorialize total payment volume ( TPV ) of $ 300 million , which grew to $ 500 million in 2024 , the ship’s company suppose .
Competition and future plans
While Barry references more prominent players likeOnafriq(formerly MFS Africa ) andThunesas Cauridor ’s main competition , he says his companionship has remain relevant because it built payment rails in securities industry “ no one was look at , ” like Guinea and Liberia .
He noted that hand - on client inspection and repair and pricing have also help it keep on customers . The fintech provides client service to resolve common issues like turn down fluid money transactions due to uncompleted KYC . For exercise , if a recipient can only receive $ 10 out of a $ 700 payment , Cauridor steps in to help upgrade their score and ensure the dealings die through .
Barry thinks Cauridor ’s strong local presence gives it an border in securing better forex margins , which it devolve on to its customers . He said this reward has helped the caller pull major clients like MoneyGram , which switched from competitors for better rates and improved customer support .
Interestingly , competition in the cross - border payments space does n’t dominate out collaboration . Some of Cauridor ’s competition rely on its substructure in specific neighborhood , just as it partner with company like Thunes for a global reaching .
Cauridor employs about 200 citizenry globally and has offices in Ivory Coast , Senegal , Guinea , Sierra Leone , and Liberia .
The come round was leave by Pan - African VC firmOui Capitaland insure participation from Rally Cap , BKR Capital , and some angel investor .
With the fresh cash , the companionship plans to boom into new markets ( it has raw offices in Mali and Nigeria opening this class ) , physique out its team , and promote marketing drive . Barry distinguish TechCrunch that Cauridor is also fix for a Series A rhythm and exploring blockchain integrating to streamline settlements and exploit into the develop borrowing of stablecoins in Africa ’s cross - border payment space .
