Luxembourg-based Koosmik has raised $2 million growth capital in its second seed financing round to expand in Togo, its pilot market in West Africa. Founded in 2016 and headquartered in Luxembourg with operations in Togo, Koosmik is an award-winning fintech startup helping to foster financial inclusion through mobile and digital banking. Koosmik aims to provide a complete, modern banking experience throughout all regions in Togo. In 2017, Koosmik had raised over $1 million to develop its technology in Luxembourg, and opened an office in Lomé, Togo.
(Featured Image: Claude Grunitzky, Founder and Chairman of True Africa, and board member for Koosmik, and Grégoire Yakan, CEO and Founder of Koosmik, during the CES 2019 in Las Vegas / Image Credit © Koosmik)
Koosmik has crafted a next generation digital wallet that allows for seamless savings, transfers and payments. The Koosmik smartphone app, which is available for download through Apple’s App Store and Google Play, is gaining traction with users in Togo, because it provides a simple, smart, and cost-effective way to transact and access to financial services. In 2018, Koosmik onboarded over 60,000 users in Togo through its app, which is favored by many young Togolese.
“The Koosmik app allows users to have a branchless paperless banking experience, instantly from any smartphone”, says Grégoire Yakan, CEO and Founder of Koosmik. This round was raised from Batipart International, who had led the previous seed round, and Alpharatz, as well as other business angels from France, Belgium, Luxembourg, Turkey and Morocco.
“This follow-on investment in Koosmik, just like our investment in Onomo Hotels, demonstrates our commitment to investing in Africa’s potential”.
According to Julien Ruggieri, President of Batipart International and ONOMO Hotels, “this follow-on investment in Koosmik, just like our investment in ONOMO Hotels, demonstrates our commitment to investing in Africa’s potential”.
“We believe that Koosmik’s technology enable leapfrogging financial inclusion in Togo and in Africa, which is key to reach the United Nations Sustainable Development Goals,” says Élie Hériard Dubreuil, Alpharatz, who is joining the new board of directors.
Togo, a country of 7.6 million with 78.29% mobile phone penetration, recently launched an ambitious 2018-2022 National Development Plan that aims to enhance social development and strengthen inclusion mechanisms through technology. As Togo undergoes a structural transformation of its economy, Koosmik aims to become, in short order, Togo’s leading digital hub of financial services by providing world-class services to unbanked populations.