Cauridor, a burgeoning fintech company, is making significant strides in addressing the longstanding challenges of cross-border payments in Francophone Africa. Founded by Oumar Rafiou Barry and Abdoulaye Bah, the company has successfully transformed the remittance landscape by providing faster, more affordable solutions. With headquarters spanning Ivory Coast, Senegal, Guinea, Sierra Leone, and Liberia, Cauridor is set to redefine financial connectivity across the region.
Founded in response to the cumbersome and costly remittance processes encountered by Barry and Bah during their studies in Canada, Cauridor initially launched as BNB CashApp in 2019. The platform aimed to facilitate seamless money transfers from Canada to Africa. However, recognizing the fragmented payment infrastructure in Francophone Africa, the founders pivoted in 2022 to focus on building robust payment rails.
“We realized early on that the rails in Francophone Africa were almost non-existent. So we had to go in and start building payment rails in the region since the payments there were fragmented,” – Oumar Rafiou Barry
This strategic shift has paid off significantly. In 2023, Cauridor processed an impressive 2 million transactions, with a total payment volume (TPV) of $300 million. This figure surged by 2024, with TPV reaching $500 million, underscoring the growing demand for efficient cross-border payment solutions.
Cauridor employs approximately 200 people globally and operates through a vast network of over 25,000 agents across Guinea, Senegal, Ivory Coast, Sierra Leone, and Liberia. The company's platform supports mobile wallets, bank transfers, and cash pickups, offering customers a versatile range of options tailored to diverse financial needs. This hybrid approach has not only streamlined the remittance process but also attracted major clients such as MoneyGram, which shifted from competitors to benefit from Cauridor's competitive rates and superior customer support.
The company’s success is further bolstered by group-level contracts with industry giants like Ria, MoneyGram, and Western Union. Strategic partnerships with telecom leaders Orange and MTN enhance Cauridor's reach and operational efficiency across the region. These collaborations underscore Cauridor's commitment to bridging the financial gap in Francophone Africa.
Cauridor's innovative approach has also captured the attention of investors. Recently, the company secured $3.5 million in seed funding to advance its mission of building comprehensive payment rails. This funding will enable Cauridor to enhance its infrastructure and expand its services, ensuring even greater accessibility and convenience for users across the region.
The company's revenue has seen a significant transformation as well. Over 90% of its revenue now stems from its payment rails business, highlighting the successful pivot from its initial consumer-focused platform. This shift not only underscores the efficacy of Cauridor's strategic direction but also its potential for sustainable growth within the fintech sector.
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