Until a few years ago, it used to be difficult to make payments across borders almost anywhere in the world. But it’s still a big problem in Africa, where fragmented, disconnected systems, high fees, and poor infrastructure make it tough for businesses and individuals to move money quickly and affordably.
The majority of people and businesses still rely on outdated agent networks or grapple with mobile wallet integrations. But there is tangible demand for cheaper and easier alternatives, particularly in underserved regions like Francophone Africa.
Ivorian 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. These agents are part of a popular distribution method in the region — they’re usually small business owners equipped with point-of-sale (POS) devices and enable cash deposits, withdrawals and bill payments.
Cauridor is adopting a hybrid approach to solving the money transfer problem — the same way other fintechs in the region combine cash networks with digital infrastructure for local payment needs. 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.
From remittance to B2B payments
Cauridor’s founders Oumar Rafiou Barry and Abdoulaye Bah experienced first-hand the challenges of sending money back home to Guinea when studying in Canada. They faced slow, expensive remittance options in Francophone Africa, a region long underserved by the global remittance industry.
In 2019, this frustration drove them to start BNB CashApp, a consumer-focused remittance platform for users in Canada to send money to Africa. The app integrated directly with banks, mobile wallets like MTN, and an agent network equipped with a mobile portal to facilitate cash payouts.
But as the platform grew, the founders encountered a larger challenge: Africa’s fragmented and inefficient payment infrastructure. “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,” CEO Barry told TechCrunch.
Sensing an opportunity, the team pivoted 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, much like Tanzania’s Nala and Rafiki’s operational model.
The shift paid off: Over 90% of the company’s revenue now comes from its payment rails business. In 2023, Cauridor processed 2 million transactions and recorded total payment volume (TPV) of $300 million, which grew to $500 million in 2024, the company said.
Competition and future plans
While Barry references more prominent players like Onafriq and Thunes as Cauridor’s main competition, he says his company has remained relevant because it built payment rails in markets “no one was looking at,” like Guinea and Liberia.
He noted that hands-on customer service and pricing have also helped it retain customers. The fintech provides customer service to resolve common issues like rejected mobile money transactions due to incomplete KYC. For example, if a recipient can only receive $10 out of a $700 payment, Cauridor steps in to help upgrade their account and ensure the transaction goes through.
Barry thinks Corridor’s strong local presence gives it an edge in securing better forex margins, which it passes on to its customers. 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 doesn’t rule out collaboration. Some of Cauridor’s 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 Africa’s cross-border payment space.
