Cauridor, a fintech company focused on simplifying cross-border payments in Africa, has raised $3.5 million in seed funding to enhance its payment infrastructure and expand operations across the continent.
The funding round was led by pan-African venture capital firm Oui Capital, with participation from Rally Cap, BKR Capital, and angel investors.
The challenge of cross-border transactions in Africa, resulting from high costs, fragmented financial systems, and poor infrastructure requires collaboration to be resolved. Many businesses and individuals still rely on outdated agent networks or struggle with mobile wallet integrations, making fast and affordable payments difficult.
Cauridor aims to solve these issues by integrating mobile money platforms, banks, and merchants into a single network that enables seamless local and international transactions.
With operations spanning Guinea, Senegal, Ivory Coast, Sierra Leone, and Liberia, Cauridor’s platform supports mobile wallets, bank transfers, and cash pickups through a network of over 25,000 agents. These agents, often small business owners with point-of-sale (POS) devices, facilitate cash deposits, withdrawals, and bill payments.
The company has also established remittance corridors to major African markets like Ghana and Nigeria, forming partnerships with global financial giants such as Ria, MoneyGram, Western Union, Orange, and MTN.
Cauridor’s journey began with its founders, Oumar Rafiou Barry and Abdoulaye Bah, who experienced first-hand the difficulties of sending money to Guinea while studying in Canada.
In 2011, they launched BNB Transfer Corp (originally EZ Money Transfer) to help Guineans in Canada send money home more efficiently. By 2019, they introduced BNB CashApp, a consumer-focused remittance platform that connected directly with banks and mobile wallets.
However, as the business expanded, they encountered a bigger issue: Africa’s payment infrastructure was highly fragmented, particularly in Francophone Africa. “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,” said Barry.
This realisation led to a major shift in 2022, with the company rebranding as Cauridor and focusing on building digital payment rails to support both individuals and businesses.
Since pivoting to infrastructure development, Cauridor has seen commendable growth. In 2023, the company processed 2 million transactions, recording a total payment volume (TPV) of $300 million. By 2024, this figure had surged to $500 million, with over 90% of revenue coming from its payment rails business.
Cauridor competes with established players like Onafriq and Thunes but differentiates itself by focusing on underserved markets such as Guinea and Liberia. Barry attributes the company’s success to hands-on customer service and competitive pricing.
For instance, when a recipient is unable to receive the full amount of a mobile money transfer due to incomplete KYC requirements, Cauridor steps in to assist in upgrading the account, ensuring the transaction goes through.
Added to this, its strong local presence gives it an advantage in securing better foreign exchange rates, which it passes on to customers. This approach has attracted major clients, including MoneyGram, which switched from competitors due to better pricing and customer support.
Cauridor, which currently has a global team of over 300 employees and offices in Ivory Coast, Senegal, Guinea, Sierra Leone, and Liberia, is preparing to extend its reach. The company is set to open new offices in Mali and Nigeria this year as part of its expansion strategy.
Barry also revealed plans to explore blockchain integration to streamline settlements and leverage stablecoins for cross-border transactions.
