Outsource Monetic, Senegalese Fintech Startup Secures Funding to Build Omnichannel Atm Network in Africa
Outsource Monetic Group, an American and Senegalese fintech based in Atlanta, GA, announced this week the completion of a pre-seed funding round with 500 Global, a San Francisco-based startup accelerator.
The fintech also announced the start of the pilot phase of its private ATM network, KaliSpot, in Senegal and Côte d’Ivoire.
The KaliSpot network is named after the Fulani/Peul word for money, “Kalis.” In a network of locations, 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. As a result, KaliSpot is the first independent ATM operator in Francophone West and Central Africa.
“We are excited to bring our transformative vision of financial inclusion and PhyGital (physical and digital) infrastructure to Francophone West Africa,” said Mika DIOL, Founder of Outsource Monetic Group, KaliSpot’s parent company. With the help of 500 Global, we are launching the pilot phase of our project in Senegal and Côte d’Ivoire, working with two mobile money operators, three banks, and five fintechs. These collaborations demonstrate a strong desire for a platform that can bridge the current gap between digital and physical financial services in an innovative, integrated, and inclusive manner. We are honored to serve as that link.”
The company creates 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 access to their money and innovative value-added services 24 hours a day, seven days a week.
The current infrastructure provides limited services that are disconnected from the dynamic fintech ecosystem, with only 7 ATMs per 100,000 adults in the sub-region, all operated by commercial banks. KaliSpot integrates digital financial service providers into its physical infrastructure, allowing them to expand their footprint and customer experience in the region without investing CAPEX in a distribution network.
KaliSpot is redefining financial inclusion in West and Central Africa by making it easier to access, interact with, provide services, and connect than existing human or automated networks.
“Outsource Monetic is 500 Global’s first investment in Francophone West Africa,” said Mareme DIENG, Africa Lead at 500 Global. We are ecstatic about the team’s potential to shape the future of financial access in West and Central Africa. They have the experience, tenacity, and vision to bring their innovative systems to market on a large scale, and we look forward to assisting them every step of the way.”
