Cross-border payment troubles, characterized by disjointed systems, high expenses, and deficient infrastructure, continue to distress Africa. Traditional agent networks or complex mobile wallet integrations are the norm, especially in underserved regions like Francophone Africa. Cauridor, an innovative fintech startup from Ivory Coast, is addressing this challenge, securing $3.5 million in seed funding to further develop its inclusive payment rails.
Encompassing over 25,000 agents across Guinea, Senegal, Ivory Coast, Sierra Leone and Liberia, Cauridor’s platform facilitates bank transfers, mobile wallets, and cash pickups. This extensive network of agents – local business owners equipped with POS devices – makes funds transfer more accessible for a larger audience.
The startup’s hybrid approach successfully bridges the gap between traditional cash networks and modern digital infrastructures. This strategy has enabled it to establish remittance corridors to critical markets such as Ghana and Nigeria, with partnerships including Ria, MoneyGram, Western Union, Orange, and MTN.
Meeting the Demand for Enhanced Remittances and B2B Payments
Founded by Oumar Rafiou Barry and Abdoulaye Bah, the duo’s first-hand experience with inter-country money transfers underscored the inadequate remittance options in Francophone Africa. They created the consumer-centric remittance platform, BNB CashApp, in 2019 to allow Canadian users to send money to Africa seamlessly. The huge gap they noticed in Africa’s payment infrastructure led to a pivot in their business model, shifting towards B2B payments.
Indeed, their revised focus on improving payment rails across the region has proven evincing, contributing to over 90% of Cauridor’s revenue. In 2024, the company reported a total payment volume of $500 million, a significant rise from the previous year’s $300 million.
Strategic Plans Amidst Competition
Despite competition from established platforms like Onafriq and Thunes, Cauridor has maintained relevance by diversifying its payment rails into less explored markets such as Guinea and Liberia. Effective customer service and competitive pricing have also contributed to its growing customer base. Interestingly, some competitors depend on Cauridor’s infrastructure in certain regions, promoting a collaborative approach over a strictly competitive marketplace.
The formidable local presence of Cauridor provides an advantage in securing favorable forex margins, which directly benefits customers with better rates. Plans for an upcoming Series A round and potential blockchain integration are in the pipeline as the company continues to transform Africa’s cross-border payment space with its customer-centric solutions.
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