This fintech has a fix for the biggest cross-border payments issues in Francophone Africa
Summary
But there is tangible demand for cheaper and easier alternatives, particularly in underserved regions like Francophone Africa.The Guinea-based fintech Cauridor is setting out to solve that, and it recently raised $3.5 million in seed funding to continue building its payment rails that let merchants, banks, telecom operators, and money transfer companies move funds in and out of Africa.Cauridor says its platform supports mobile wallets, bank transfers, and cash pickups through a network of more than 25,000 agents across Guinea, Senegal, Ivory Coast, Sierra Leone, and Liberia. Still, the approach has enabled it to operate remittance corridors to key markets like Ghana and Nigeria, and establish group-level contracts with major players such as Ria, MoneyGram, and Western Union, alongside partnerships with Orange and MTN.Cauridors founders Oumar Rafiou Barry and Abdoulaye Bah experienced firsthand the challenges of sending money back home to Guinea when studying in Canada. He said this advantage has helped the company attract major clients like MoneyGram, which switched from competitors for better rates and improved customer support.Interestingly, competition in the cross-border payments space doesnt rule out collaboration. Some of Cauridors competitors rely on its infrastructure in specific regions, just as it partners with companies like Thunes for a global reach.Cauridor employs about 200 people globally and has offices in Ivory Coast, Senegal, Guinea, Sierra Leone, and Liberia.The seed round was led by Pan-African VC firm Oui Capital and saw participation from Rally Cap, BKR Capital, and some angel investors.With the fresh cash, the company plans to expand into new markets (it has new offices in Mali and Nigeria opening this year), flesh out its teams, and boost marketing efforts. Barry told TechCrunch that Cauridor is also preparing for a Series A round and exploring blockchain integration to streamline settlements and tap into the growing adoption of stablecoins in Africas cross-border payment space.