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Until a few years ago, it used to be difficult to make payments through borders almost anywhere in the world. But it is still a big problem in Africa, where fragmented and disconnected systems, high rates and poor infrastructure make it difficult for companies and people to move money quickly and affordable.
Most people and companies still depend on networks of obsolete agents or deal with mobile wallet integrations. But there is a tangible demand for cheaper and easier alternatives, particularly in unattended regions such as Africa Francophone.
Fintech Ivory Cauridor He is willing to solve that, and recently raised $ 3.5 million in initial funds to continue building their payment rails that allow merchants, banks, telecommunications operators and money transfer companies that move funds inside and out of Africa.
Cauridor says that its platform admits mobile wallets, bank transfers and cash collected through a network of more than 25,000 agents in Guinea, Senegal, Ivory Coast, Sierra Leone and Liberia. These agents are part of a popular distribution method in the region: they are usually owners of small businesses equipped with point of sale (POS) devices and allow cash deposits, retreats and invoices payments.
Cauridor is adopting a hybrid approach to solve the money transfer problem, in the same way that other Fintech in the region combines cash networks with digital infrastructure for local payment needs. Even so, the approach has allowed him to operate remittance runners to key markets such as Ghana and Nigeria, and establish contracts at the group level with main actors such as RIA, Moneygram and Western Union, along with associations with Orange and MTN.
Of remittances to B2B payments
Founders of Cauridor Oumar Rafiou Barry and Abdouye Bah First hand experienced the challenges of sending money back to Guinea when he studies in Canada. They faced slow and expensive remittance options in Francophone Africa, a region unattended by the global remittance industry.
In 2019, this frustration led them to start BNB Cashapp, a consumer -centered remittance platform so that users in Canada send money to Africa. The application was directly integrated with banks, mobile wallets such as MTN and a network of agents equipped with a mobile portal to facilitate cash payments.
But as the platform grew, the founders found a larger challenge: the fragmented and inefficient payment infrastructure of Africa. “We realized from the beginning that the rails in Francophone Africa were almost non -existent. So we had to enter and start building payment rails in the region since the payments there were fragmented, ”said the CEO Barry to TechCrunch.
Feeling an opportunity, the team turned in 2022 to build payment rails for the region. By 2023, the company had merged its consumer remittance business and B2B payment infrastructure under the cauridor brand, as well as Nala de Tanzania and Rafiki’s operational model.
The change was worth it: more than 90% of the company’s income now comes from its payment rail business. In 2023, Cauridor processed 2 million transactions and registered the total payment volume (TPV) of $ 300 million, which grew to $ 500 million in 2024, the company said.
Competition and future plans
Although Barry refers to more prominent players such as Onafriq and Thunes as the main competition of Cauridor, he says that his company has remained relevant because he built payment rails in the markets “Nobody was looking”, such as Guinea and Liberia.
He pointed out that service and practical prices have also helped retain customers. Fintech provides customer service to solve common problems such as rejected mobile money transactions due to incomplete KYC. For example, if a recipient can only receive $ 10 from a payment of $ 700, Cauridor intervenes to help update your account and ensure that the transaction is made.
Barry believes that Corridor’s strong local presence gives him an advantage by ensuring better Forex margins, which transmits to his clients. He said that this advantage has helped the company attract the main clients such as Moneygram, which changed competitors for better rates and better customer service.
Interestingly, competition in cross -border payments does not rule out collaboration. Some of Couritor competitors trust their infrastructure in specific regions, as well as associated with companies such as Thunes for a global reach.
Cauridor uses about 200 people around the world and has offices in Ivory Coast, Senegal, Guinea, Sierra Leone and Liberia.
The seed round was directed by the Pan-African VC Oui Capital firm, and saw the participation of Rally Cap, BKR Capital and some Ángeles investors.
With the new cash, the company plans to expand to new markets (it has new offices in Mali and Nigeria that are inaugurated this year), develop its equipment and boost marketing efforts. Barry told TechCrunch that Cauridor is also preparing for a round of series A and exploring the integration of blockchain to rationalize settlements and take advantage of the growing adoption of Stablcoins in the cross -border payment space in Africa.
