Introduction
Koree, a fintech startup based in Cameroon, has recently secured $200,000 in pre-seed funding. The funding round was led by Tunde Akinnuwa, co-founder of Duplo, a Nigerian payments company. Koree plans to use the funds to launch a marketplace that rewards users for their purchases.
Expanding Merchant Network and Customer Base
Koree aims to expand its merchant network and strengthen its customer base with the recent funding. The funding round saw participation from the Cameroon Angels Network, Catalytic Africa, and Digital Africa, in addition to Duplo's co-founder.
Rewards for Users
One of the key features of Koree's marketplace is the ability for users to earn rewards for their purchases. Magalie Gauze-Sanga, the founder of Koree, explained that users can earn a certain percentage of the amount they spend across the app's 14 categories. These rewards are in the form of hard cash, which can be redeemed directly into the user's mobile money account.
Growth and Achievements
Since its launch in 2022, Koree has gained significant traction, attracting over 13,000 users and processing more than 50,000 transactions. In addition to securing funding, the fintech startup has also achieved recognition in various competitions. Koree was the winner of the Orange Fab Cameroon 2023 Challenge, which provides startups with access to Orange's resource network. Furthermore, the startup emerged as the winner of the Ecobank Fintech Challenge, using the prize money to hire key personnel in development and engineering.
Expansion Plans
Koree has a diverse team spread across Cameroon, Côte d’Ivoire, Togo, Nigeria, and Senegal. With the aim of further growth and development, the startup is planning to open a physical office in Douala.
Overall, Koree's recent funding round marks a significant milestone for the Cameroonian fintech startup. With the launch of their rewards marketplace and plans for expansion, Koree is well-positioned to make a positive impact in the fintech industry.
Frequently Asked Questions
Is it a good idea to open a Precious Metal IRA
The most important thing you should know before opening an IRA account is that precious metals are not covered by insurance. There are no ways to recover the money you lost in an investment. All your investments can be lost due to theft, fire or flood.
This type of loss can be avoided by investing in physical silver and gold coins. These items are timeless and have a lifetime value. You would probably get more if you sold them today than you paid when they were first created.
When opening an IRA account, make sure you choose a reputable company offering competitive rates and high-quality products. You should also consider using a third party custodian to protect your assets and give you access at any time.
If you decide to open an account, remember that you won't see any returns until after you retire. Do not forget about the future!
What precious metal should I invest in?
The answer to this question depends on how much risk you are willing to take and what type of return you want. Although gold has been considered a safe investment, it is not always the most lucrative. You might not want to invest in gold if you're looking for quick returns. If patience and time are your priorities, silver is the best investment.
If you don’t desire to become rich quickly, gold may be your best option. If you are looking for a long-term investment that will provide steady returns, silver may be a better choice.
What are the pros and disadvantages of a gold IRA
An Individual Retirement account (IRA) is a better option than regular savings accounts in that interest earned is exempted from tax. An IRA is a good choice for those who want a way to save some money but don’t want the tax. There are some disadvantages to this investment.
If you withdraw too many funds from your IRA at once, you may lose all your accumulated assets. You might also not be able to withdraw from your IRA until the IRS deems you to be 59 1/2. You will likely have to pay a penalty fee if you withdraw funds from an IRA.
A disadvantage to managing your IRA is the fact that fees must be paid. Many banks charge between 0.5% and 2.0% per year. Other providers charge monthly management charges ranging anywhere from $10 to $50.
If you prefer to keep your money outside a bank, you'll need to purchase insurance. Many insurers require that you own at least one ounce of gold before you can make a claim. Some insurers may require you to have insurance that covers losses up $500,000.
If you choose to have a gold IRA you will need to establish how much gold to use. Some providers limit how many ounces you can keep. Others allow you the freedom to choose your own weight.
You will also have to decide whether to purchase futures or physical gold. Gold futures contracts are more expensive than physical gold. Futures contracts, however, allow for greater flexibility in buying gold. They allow you to set up a contract with a specific expiration date.
You also need to decide the type and level of insurance coverage you want. The standard policy does NOT include theft protection and loss due to fire or flood. However, it does cover damage caused by natural disasters. You might consider purchasing additional coverage if your area is at high risk.
In addition to insurance, you'll need to consider the cost of storing your gold. Storage costs will not be covered by insurance. For safekeeping, banks typically charge $25-40 per month.
A qualified custodian is required to help you open a Gold IRA. A custodian helps you keep track of your investments, and ensures compliance with federal regulations. Custodians aren't allowed to sell your assets. Instead, they must retain them for as long and as you require.
After you've determined which type of IRA is best for you, fill out the paperwork indicating your goals. Your plan should include information about the investments you want to make, such as stocks, bonds, mutual funds, or real estate. It is also important to specify how much money you will invest each month.
Once you have completed the forms, you will need to mail them to your provider with a check and a small deposit. After receiving your application, the company will review it and mail you a confirmation letter.
A financial planner is a good idea when opening a gold IRA. Financial planners are experts in investing and will help you decide which type of IRA works best for your situation. They can also help reduce your costs by suggesting cheaper options for purchasing insurance.
How much of your portfolio should be in precious metals?
To answer this question we need to first define precious metals. Precious metals have elements with an extremely high worth relative to other commodity. This makes them extremely valuable for trading and investing. Today, gold is the most commonly traded precious metal.
There are many other precious metals, such as silver and platinum. The price for gold is subject to fluctuations, but stays relatively stable in times of economic turmoil. It is not affected by inflation or deflation.
As a general rule, the prices for all precious metals tend to increase with the overall market. However, they may not always move in synchrony with each other. When the economy is in trouble, for example, gold prices tend to rise while other precious metals fall. This is because investors expect lower rates of interest, which makes bonds less attractive investments.
Contrary to this, when the economy performs well, the opposite happens. Investors want safe assets such Treasury Bonds and are less inclined to demand precious metals. Because they are rare, they become more pricey and lose value.
You must therefore diversify your investments in precious metals to reap the maximum profits. It is also a good idea to diversify your investments in precious metals, as prices tend to fluctuate.
How do you withdraw from an IRA that holds precious metals?
First, determine if you would like to withdraw money directly from an IRA. You should also ensure that you have enough money to cover any fees and penalties associated with withdrawing funds.
Consider opening a taxable brokerage instead of an IRA if it is possible to pay a penalty if your withdrawal is made before the deadline. This option is also available if you are willing to pay taxes on the amount you withdraw.
Next, you need to determine how much money is going to be taken out from your IRA. This calculation is affected by many factors, such as the age at which you withdraw the money, the amount of time the account has been owned, and whether your plans to continue contributing to your retirement fund.
Once you know how much of your total savings to convert to cash, it's time to choose the type of IRA that you want. While traditional IRAs are tax-free, Roth IRAs can be withdrawn at any time after you reach 59 1/2. However, Roth IRAs will charge income taxes upfront and allow you to access your earnings later without additional taxes.
After these calculations have been completed, you will need to open a brokerage bank account. Brokers often offer promotional offers and signup bonuses to encourage people into opening accounts. You can save money by opening an account with a debit card instead of a credit card to avoid paying unnecessary fees.
When it comes time to withdraw your precious metal IRA funds, you will need a safe location where you can keep your coins. Some storage areas will accept bullion, while others require you to purchase individual coins. You'll have to weigh the pros of each option before you make a decision.
Bullion bars are easier to store than individual coins. However, each coin will need to be counted individually. However, individual coins can be stored to make it easy to track their value.
Some prefer to store their coins in a vault. Others prefer to store them in a safe deposit box. Whatever method you choose to store your bullion, you should ensure it is safe and secure so you can enjoy its many benefits for many years.
How much money should my Roth IRA be funded?
Roth IRAs can be used to save taxes on your retirement funds. You can't withdraw money from these accounts before you reach the age of 59 1/2. However, if you do decide to take out some of your contributions before then, there are specific rules you must follow. First, your principal (the deposit amount originally made) is not transferable. This means that you can't take out more money than you originally contributed. If you wish to withdraw more than you originally contributed, you will have to pay taxes.
The second rule states that income taxes must be paid before you can withdraw earnings. You will pay income taxes when you withdraw your earnings. Consider, for instance, that you contribute $5,000 per year to your Roth IRA. Let's also assume that you make $10,000 per year from your Roth IRA contributions. This would mean that you would have to pay $3,500 in federal income tax. So you would only have $6,500 left. The amount you can withdraw is limited to the original contribution.
If you took $4,000 from your earnings, you would still owe taxes for the $1,500 remaining. In addition, 50% of your earnings will be subject to tax again (half of 40%). So even though you received $7,000 in Roth IRA contributions, you only received $4,000.
Two types of Roth IRAs are available: Roth and traditional. A traditional IRA allows you to deduct pre-tax contributions from your taxable income. Your traditional IRA allows you to withdraw your entire contribution plus any interest. A traditional IRA can be withdrawn up to the maximum amount allowed.
A Roth IRA doesn't allow you to deduct your contributions. But once you've retired, you can withdraw the entire contribution amount plus any accrued interest. There is no minimum withdrawal required, unlike a traditional IRA. You don't have to wait until you turn 70 1/2 years old before withdrawing your contribution.
Is gold a good investment IRA option?
Gold is an excellent investment for any person who wants to save money. You can diversify your portfolio with gold. But there is more to gold than meets the eye.
It has been used throughout history as currency and it is still a very popular method of payment. It is often called “the oldest currency in the world.”
But gold is mined from the earth, unlike paper currencies that governments create. It's hard to find and very rare, making it extremely valuable.
The supply-demand relationship determines the gold price. If the economy is strong, people will spend more money which means less people can mine gold. This results in gold prices rising.
On the flip side, people save cash for emergencies and don't spend it. This increases the production of gold, which in turn drives down its value.
It is this reason that gold investing makes sense for businesses and individuals. If you invest in gold, you'll benefit whenever the economy grows.
Also, your investments will earn you interest which can help increase your wealth. In addition, you won’t lose any money if gold falls in value.
Statistics
- Instead, the economy improved, stocks rebounded, and gold plunged, losing 28 percent of its value in 2013. (aarp.org)
- If you take distributions before hitting 59.5, you'll owe a 10% penalty on the amount withdrawn. (lendedu.com)
- Indeed, several financial advisers interviewed for this article suggest you invest 5 to 15 percent of your portfolio in gold, just in case. (aarp.org)
- If you accidentally make an improper transaction, the IRS will disallow it and count it as a withdrawal, so you would owe income tax on the item's value and, if you are younger than 59 ½, an additional 10% early withdrawal penalty. (forbes.com)
- The price of gold jumped 131 percent from late 2007 to September 2011, when it hit a high of $1,921 an ounce, according to the World Gold Council. (aarp.org)
External Links
finance.yahoo.com
irs.gov
investopedia.com
- Do You Need a Gold IRA to Get Retirement?
- What are the Options Types, Spreads. Example. And Risk Metrics
bbb.org
How To
How to hold physical gold in an IRA
An easy way to invest gold is to buy shares from gold-producing companies. However, this method comes with many risks because there's no guarantee that these companies will continue to survive. Even if they do survive, there is still the possibility of losing money to fluctuating gold prices.
Another option is to purchase physical gold. You can either open an account with a bank, online bullion dealer, or buy gold directly from a seller you trust. This option is convenient because you can access your gold when it's low and doesn't require you to deal with stock brokers. It's easier to track how much gold is in your possession. You will receive a receipt detailing exactly what you paid. You are also less likely to be robbed than investing in stocks.
However, there are some disadvantages too. You won't be able to benefit from investment funds or interest rates offered by banks. Additionally, you won’t be able diversify your holdings. You will remain with the same items you bought. Finally, the taxman may ask you about where you have put your gold.
BullionVault.com has more information about how to buy gold in an IRA.
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By: Terence Zimwara
Title: Koree Raises $200,000 in Pre-Seed Funding to Launch Rewards Marketplace
Sourced From: news.bitcoin.com/cameroonian-fintech-startup-koree-secures-200000-in-pre-seed-funding/
Published Date: Tue, 09 Jan 2024 12:30:10 +0000
