Ivorian fintech startup Cauridor has raised $3.5 million in seed funding to further develop its payment infrastructure, addressing long-standing inefficiencies in Africa’s cross-border payment ecosystem. The funding round was led by Pan-African venture capital firm Oui Capital, with additional backing from Rally Cap, BKR Capital, and angel investors.
Cauridor’s mission is to simplify cross-border transactions for merchants, banks, telecom operators, and money transfer companies, particularly in underserved regions like Francophone Africa. Its network of over 25,000 agents across Guinea, Senegal, Ivory Coast, Sierra Leone, and Liberia facilitates mobile wallet transactions, bank transfers, and cash pickups. These agents, typically small business owners with point-of-sale (POS) devices, are crucial in enabling deposits, withdrawals, and bill payments.
The newly secured capital will be deployed to accelerate expansion into new markets, with offices in Mali and Nigeria set to open later this year. Additionally, the company aims to enhance its technological capabilities by integrating blockchain-based solutions to streamline settlements and capitalize on the increasing adoption of stablecoins for cross-border transactions. Marketing and talent acquisition are also high on Cauridor’s priority list as it prepares for a Series A round.
Why Investors Backed Cauridor
The decision to invest in Cauridor is rooted in several compelling factors. Africa’s remittance market is valued at over $100 billion annually, yet it remains highly fragmented and costly, particularly in Francophone countries where financial infrastructure is underdeveloped. Investors see a significant opportunity in Cauridor’s efforts to build seamless payment rails that can support both consumer and business transactions.
Cauridor’s business model has demonstrated substantial traction, with transaction volumes soaring from $300 million in 2023 to $500 million in 2024. More than 90% of its revenue now comes from its payment infrastructure, showcasing its ability to monetize its network effectively. This growth trajectory, coupled with its ability to secure high-profile clients like MoneyGram, validates its potential as a key player in Africa’s financial ecosystem.
Another factor influencing investor confidence is Cauridor’s focus on markets that competitors have largely ignored, such as Guinea and Liberia. While larger players like Onafriq (formerly MFS Africa) and Thunes dominate the broader African payments landscape, Cauridor has carved out a niche by targeting overlooked corridors. Additionally, its hands-on customer support model, which assists users in resolving issues such as incomplete KYC verification, has helped retain customers and build trust.
Cauridor’s strategic partnerships further reinforce its growth prospects. The startup has established group-level contracts with global remittance firms like Ria, MoneyGram, and Western Union while forging telecom partnerships with Orange and MTN. These alliances enhance its ability to scale rapidly and offer competitive forex margins, which have been instrumental in attracting and retaining customers.
A Look at Cauridor
Cauridor was founded by Oumar Rafiou Barry and Abdoulaye Bah, two Guinean entrepreneurs who encountered firsthand the difficulties of sending money back home while studying in Canada. Their frustration with slow and expensive remittance options led them to launch BNB CashApp in 2019, a consumer-focused platform enabling seamless money transfers from Canada to Africa. However, recognizing the broader inefficiencies in Francophone Africa’s payment infrastructure, they pivoted in 2022 to build a more comprehensive solution under the Cauridor brand.
The company’s hybrid approach integrates cash-based networks with digital financial infrastructure, allowing it to service both remittance and business-to-business (B2B) payments. This model has positioned it as a crucial enabler of financial transactions across multiple African markets.
Beyond its expansion into Mali and Nigeria, Cauridor is also exploring blockchain-based innovations to improve settlement efficiency and capitalize on the continent’s growing interest in digital assets. The company employs around 200 people globally, with offices in Ivory Coast, Senegal, Guinea, Sierra Leone, and Liberia.
With a strong local presence, strategic partnerships, and an aggressive expansion plan, Cauridor is positioning itself as a formidable force in Africa’s financial sector. The startup’s ability to address real-world payment challenges while maintaining robust revenue growth has cemented its appeal to investors and industry players alike. As it gears up for its Series A round, Cauridor’s continued evolution will be closely watched in the rapidly changing fintech landscape.