KaliSpot Raises Pre-seed Funding To Build Private ATM Network In Senegal And Ivory Coast

Outsource Monetic Group, an Atlanta-based American and Senegalese fintech, has announced in a press release that it had completed a pre-seed fundraising with 500 Global, a startup accelerator based in San Francisco, California, the United States. The Fintech has also announced the beginning of the trial phase of its private network of KaliSpot™ brand ATMs in Senegal and Ivory Coast.

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The Fulani/Fulani word for money, “Kalis,” inspired the name of the KaliSpot™ network. This makes KaliSpot™ the first independent ATM operator in Francophone West and Central Africa. “Each KaliSpot™ point will be equipped with an infrastructure of ATMs (automated teller machines) and ITM (interactive counters) integrating the services of Banks, Mobile Money, and Fintechs, in a network of sites in the sub-region.

KaliSpot ATM Senegal
Mika Diol is the founder of Outsource Monetic. Credits: Outsource Monetic

The company is building a proprietary physical (private ATM) and digital (mobile application) network of inclusive financial service points that are automated and omnichannel, giving consumers of any bank, Mobile Money, or Fintech 24/7 access to their money and cutting-edge value-added services.

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Only 7 ATMs per 100,000 adults in the sub-region are present, all of which are run by commercial banks. As a result, the current infrastructure provides few services that are not tied to the thriving Fintech sector. 

According to the promoters, “KaliSpot™ allows digital financial service providers to integrate into its physical infrastructure to expand their footprint and the experience of their clients in the region without having to invest in CAPEX in a distribution network.”

By providing easier access, interactions, services, and connectivity than current networks, whether automated or human, KaliSpot™, in the words of its developers, “is reinventing financial inclusion in West and Central Africa.”

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KaliSpot’s parent company, Outsource Monetic Group, was founded by Mika Diol in 2021. 

“We are delighted to introduce to West Africa our revolutionary idea of financial inclusion and PhyGitale infrastructure (both physical and digital) French-speaking West Africa. With the help of 500 Global, we are beginning the project’s trial phase in Senegal and Côte d’Ivoire in partnership with two mobile money providers, three banks, and five fintech companies. These collaborations demonstrate the high demand for a platform that can bridge the current divide between physical and digital financial services in a creative, inclusive way, and we are delighted to be this bridge,” Diol said. 

“The first investment 500 Global has made in French-speaking West Africa is Outsource Monetic. The team’s ability to influence the future of financial access in West and Central Africa is something that we could not be more excited about. Their unique methods can be deployed at scale thanks to their experience, persistence, and vision, and we look forward to assisting them along the road,” Marème Dieng, Lead Africa at 500 Global, said

KaliSpot ATM Senegal KaliSpot ATM Senegal

Charles Rapulu Udoh

Charles Rapulu Udoh is a Lagos-based lawyer, who has several years of experience working in Africa’s burgeoning tech startup industry. He has closed multi-million dollar deals bordering on venture capital, private equity, intellectual property (trademark, patent or design, etc.), mergers and acquisitions, in countries such as in the Delaware, New York, UK, Singapore, British Virgin Islands, South Africa, Nigeria etc. He’s also a corporate governance and cross-border data privacy and tax expert. 
As an award-winning writer and researcher, he is passionate about telling the African startup story, and is one of the continent’s pioneers in this regard. You can book a session and speak with him using the link: https://insightsbyexperts.com/view_expert/charles-rapulu-udoh