Qore

What Qore does

Qore is a Lagos-based, cloud-native core banking software company that provides Banking-as-a-Service (BaaS) infrastructure to financial institutions across Africa. Its flagship product, BankOne, is a cloud-native core banking system that handles account management, transaction processing, and core banking operations for clients seeking to modernize legacy infrastructure and deliver digital-first customer experiences. Layered on top of BankOne is Recova, an advanced lending automation platform that streamlines loan origination, underwriting, and portfolio management.

The company targets two primary customer segments: traditional banks and payment service banks seeking infrastructure modernization, and microfinance institutions in emerging markets looking to compete through digital transformation. Its go-to-market is direct B2B, with revenue generated through platform licensing and deployment fees structured as recurring subscriptions. Disclosed customers include Money Master Payment Service Bank (a Globacom Limited subsidiary) in Nigeria and DCI Microfinance in Ghana, both secured in late 2025, supporting a stated pan-African expansion strategy.

Qore is led by co-founder and CEO Emeka Emetarom, co-founder Mudiaga Umukoro, and COO Michael Hoodfar. The company is private with 51–100 employees and currently operates in Nigeria and Ghana. No funding rounds, revenue figures, or ownership details are disclosed in the source data, and AI/ML capabilities are not mentioned as part of the product suite.

Name

Qore

Website

https://qore.inc

Company type

Private

Operating status

Operating

Headcount range

101–250 employees

Short description

Qore is a Lagos-based cloud-native core banking and lending automation software provider offering Banking-as-a-Service infrastructure (BankOne and Recova) to banks and microfinance institutions across Africa, with operations currently in Nigeria and Ghana.

Ownership category

akta.pro rank

Product category

Core Banking Software

NAICS

Commercial Banking (522110), Nondepository Credit Intermediation (5222)

SIC

Functions Related To Depository Banking, Nec (6099), Miscellaneous Business Credit Institution (6159)

akta.pro primary industry

Embedded Deposit Accounts & Digital Wallet Infrastructure (FSAGALAE)

akta.pro secondary industries

Open Banking, Account Aggregation & Payment Initiation APIs (BPAMAFAJ), Invoicing, Billing & Accounts Receivable Automation (FSAGAJAC)

Keywords

• Core banking software
• Banking-as-a-service
• Lending automation
• Fintech infrastructure
• Digital banking platform

Headquarters

HQ city

Lagos

HQ country

Nigeria

HQ region

Africa

Markets served

GTM type

B2B

Offering type

Software

Cost components

Technology or R&D, Personnel, Infrastructure, Marketing or Sales

Revenue model

1. Banking-as-a-Service Platform Fees: Qore provides its BankOne cloud-native core banking system and Recova lending automation platform to financial institutions, generating revenue through platform licensing and deployment fees. The company operates as fintech infrastructure provider serving banks and microfinance institutions across Africa.

Go-to-market motion1 record

Core offering

Qore provides BankOne, a cloud-native core banking system that handles account management, transactions, and core banking operations, and Recova, a lending automation platform for loan origination and underwriting. Together, these products are delivered as Banking-as-a-Service (BaaS) fintech infrastructure enabling financial institutions across Africa to modernize operations and deliver digital-first banking services.

Product overview

Qore is a Fintech Infrastructure and Banking-as-a-Service (BaaS) provider offering a modular platform for digital banking. The core product is BankOne, a cloud-native core banking system that handles account management, transactions, and core banking operations. This is supplemented by Recova, an advanced lending automation platform that handles loan origination and underwriting. Together, these products enable financial institutions to modernize operations and deliver digital-first engagement.

Differentiator

Problem solved

Functional benefit

Named customers2 records

Segments2 records

Ideal customer profiles2 records

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature2 records

Partnerships

Two partnerships are on record, tiered core.

• Money Master Payment Service Bank (PSB)coreTechnology or Integration · 2 November 2025Qore partnered with Money Master PSB, a subsidiary of Globacom Limited, to expand digital banking services in Nigeria. The collaboration utilizes Qore's core banking platform to improve operational efficiency and drive financial inclusion in the Nigerian market.
• DCI MicrofinancecoreTechnology or Integration · 22 October 2025Qore entered a strategic partnership with DCI Microfinance in Ghana to deploy the BankOne cloud-native core banking system and Recova advanced lending automation platform. The partnership aims to modernize DCI's operations, redesign its customer journey, and enable scaling with digital-first engagement capabilities. This partnership reinforces Qore's pan-African expansion strategy.

Scale indicators1 record

Recent moves4 records

Expansion highlights4 records

Broad incumbents

• Finastra: Finastra is a large global financial software vendor offering core banking, lending, and treasury solutions to banks worldwide. Its FusionFabric.cloud and Essence platforms represent the broad incumbent alternative Qore's customers may evaluate.
• Mambu: Mambu is a global cloud-native core banking platform used by challenger banks, fintechs, and traditional lenders worldwide. While broader than Qore, it competes for the same digital-first banking platform deals and is increasingly targeting emerging markets including Africa.
• Thought Machine: Thought Machine is a UK-based cloud-native core banking technology provider whose Vault platform competes with BankOne at the core banking layer. It serves tier-1 banks globally and represents the high-end incumbent that Qore could face as it moves up-market.
• Temenos: Temenos is a global banking software vendor with deep African bank penetration, offering core banking (T24) and digital banking platforms. It is the established incumbent whose legacy systems many of Qore's target customers are looking to migrate away from.

Direct peers

• AppZone: AppZone is a Lagos-based fintech providing core banking and digital banking platforms to African banks and microfinance institutions. It is the most directly comparable African BaaS / core banking vendor to Qore, serving the same customer segment with overlapping product capabilities.
• TeamApt (now Moniepoint): TeamApt/Moniepoint is a Nigerian fintech infrastructure company providing core banking, payments, and lending infrastructure to banks and businesses across Africa. It is a direct competitor in the African BaaS space and shares Qore's bank-and-microfinance customer focus.

Emerging players

• Bankingly: Bankingly provides digital banking and core modernization solutions to financial institutions in emerging markets, particularly Latin America, Africa, and Asia. It overlaps with Qore's positioning as a digital transformation partner for mid-tier banks and microfinance institutions in emerging economies.
• Carbon (formerly Paylater): Carbon is a Nigerian digital lending platform providing consumer and SME credit products. It overlaps with Qore's Recova lending automation capabilities, particularly for African financial institutions seeking to digitize loan origination and underwriting.

Regional players

• Flutterwave: Flutterwave is a leading Nigerian/pan-African payments infrastructure provider. While primarily payments-focused, it increasingly offers banking and merchant infrastructure that overlaps with the broader BaaS layer Qore operates in across the same African markets.
• Branch International: Branch is a digital lending platform operating across Africa and other emerging markets, providing consumer loans via mobile. It overlaps with Qore's lending automation product on the credit decisioning and servicing side, though primarily as a lender rather than a software vendor.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat3 records

Key risks6 records

Key highlights6 records

Customer concentration

• Xx.com/QoreBanking
• LinkedInlinkedin.com/company/qorebanking

Revenue estimate

Valuation estimate

Number of profiles

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Qore