Monetic Group raises funding from 500 Global to build Kalispot network in West and Central Africa
Outsource Monetic Group, an American and Senegalese fintech based in Atlanta, GA, announced the closing of a pre-seed fundraising round with 500 Global, a startup accelerator company based in San Francisco, USA. The fintech also announced the launch of the pilot phase, in Senegal and Côte d’Ivoire, of its private ATM network branded KaliSpot™.
The KaliSpot™ network is named after the Fulani/Peul term “Kalis” for money. Each KaliSpot™ point will be equipped with an infrastructure of ATMs (Automated Teller Machines) and ITMs (Interactive Teller Machines) integrating services from Banks, Mobile Money Operators and Fintechs, in a network of locations. KaliSpot™ thus becomes the first independent ATM operator in Francophone West and Central Africa.
The company develops an automated and omnichannel infrastructure of inclusive financial service points in a proprietary physical (ATM and ITM) and digital (mobile application) network allowing customers of any bank, mobile money or fintech to have 24/7 access to their money and innovative value-added services.
With a footprint of only 7 ATMs per 100,000 adults in the sub-region, all operated by commercial banks, the current infrastructure offers limited services that are disconnected from the dynamic fintech ecosystem. KaliSpot™ offers digital financial service providers an integration into its physical infrastructure to expand their footprint and customer experience in the region without having to invest CAPEX in a distribution network.
KaliSpot™ is redefining financial inclusion in West and Central Africa by providing more ease of access, interactions, services, and connectivity than current human or automated networks.
Mika DIOL, Founder of Outsource Monetic Group, the parent company of KaliSpot™, said, “We are excited to bring our transformative vision of financial inclusion and PhyGital (physical and digital) infrastructure to Francophone West Africa. With the support of 500 Global, we are starting the pilot phase of our project in collaboration with two Mobile Money operators, three Banks and five Fintechs in Senegal and Côte d’Ivoire. These partnerships show that there is great interest in a platform that can bridge the current gap between digital and physical financial services in an innovative, integrated, and inclusive way. We are proud to be that bridge.”
Mareme DIENG, Africa Lead at 500 Global added: “Outsource Monetic is 500 Global’s first investment in Francophone West Africa. We couldn’t be more excited about the team’s potential to impact the future of financial access in West and Central Africa. They have the experience, tenacity, and vision to bring their innovative systems online at scale, and we look forward to accompanying them every step of the way.”.