Home > Startups > Fundraising > Koosmik Raised 1 Million Euros
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The Luxembourgish startup is announcing the closing of its funding round, having raised more than one million euros in equity funding from industrial and private investors. Koosmik now expects to deploy its mobile banking platform in Africa.
(Photo by Seth Doyle on Unsplash)

A year ago, the young, innovative company founded in 2014, by Grégoire Yakan, was releasing the pilot phase of its mobile banking app in Luxembourg. Having confirmed the validity of their business model, Koosmik now intends to use this funding to drive its go-to-market plan in high potential French-speaking West African markets. (Read more: Koosmik, Seeting Sail For Africa) This period has allowed Koosmik to leverage feedback from several corporate clients and they now count some 3,500 individual users.

A step towards Africa

This adventure will take root in Togo. Akin to Luxembourg, this small and politically stable country, is seen by the management as an ideal test market within the sub region; where they can make a soft landing. “The prerequisites for a mass adoption of our services are rapidly evolving and competition still remains low. The timing for the market is very good”, states Grégoire Yakan “We will establish a local presence in Lomé, and focus our efforts efficiently to get as much commercial traction as possible over the next 18 months”.

By 2019, Koosmik aims to broaden its market penetration towards other French-speaking countries. This economic territory counts more than 85 million inhabitants, who are increasingly connected but still largely lacking in banking inclusion. We are already in discussion with local partners and there will most likely be new local investors in the near future.

To achieve these objectives, Koosmik plans to strengthen substantially their operational and technical team in Luxembourg and have an important recruitment schedule over the next 18 months.
Strengthening its presence in Luxembourg

Africa may have become a priority axis; however, the European market remains a strategic one for Koosmik. The start-up is also keen to address the highly influential African diaspora by opening remittance corridors between the two continents. The funds raised will also allow Koosmik to finalise its application for the relevant licences with the Luxembourgish supervisor; a key milestone for its leaders.

To achieve these objectives, Koosmik plans to strengthen substantially their operational and technical team in Luxembourg and have an important recruitment schedule over the next 18 months.

This closing is equally the opportune moment to establish a board of directors composed of key opinion leaders who will bring a wealth of experience and intelligence to the table.

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