Koosmik 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.
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: Africa in the mobile era) 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.