Bitmama, a Nigerian blockchain payments startup has closed a $2m pre-seed funding round as well as looking to expand its operation base.
Bitmama was launched in 2019 to provide a secured blockchain infrastructure that provides a gateway for users in Africa to buy, sell and store bitcoin, Ethereum, Celo, and other cryptocurrencies.
Additionally, its payment solution Changera enables cross-border payment and remittance for businesses and individuals in Africa and beyond.
Bitmama currently operates in Nigeria, Ghana, and Kenya, closed a $350,000 pre-seed funding round in October last year and has now raised an additional $1.65 million.
The latest round is led by Unicon Growth Capital and Launch Africa Ventures, with participation from Adverse and follow-on from Flori Ventures, which led the earlier round.
Other new investors include Tekedia Capital, GreenHouse Capital, ODBA, Five35 Ventures, Chrysalis Capital, Enrich Africa, Thrive Africa, AngelList Ventures, and various angel investors.
The startup will use the funding to expand its operational presence, fortify its team across different markets, consolidate its product offerings, and plot market penetration across Africa, as well as scale new use cases for cryptocurrency within the continent.
Several strides have been attributed to the startup in the past year, two significant products were rolled out, both of which are fast closing in on 100,000 users across the African market and recording impressive daily active users across its range of credit offerings despite the market dynamics.
CEO of Bitmama Ruth Iselema’s remark
According to the CEO of Bitmama Ruth Iselema, “We are building Africa’s most user-friendly, innovative blockchain company, and we are glad to have the backing of seasoned investors and partners who have walked similar turfs.
We are privileged to learn from their blended experiences across corporate and blockchain business verticals. We’re confident of the results we’ve achieved so far, and we’re set to build the next big solution that the market deserves.
Janade du Plessis, the managing general partner at Launch Africa Ventures, said his firm saw its partnership with Bitmama as a way to allow all Africans with the ability to trade and manage cryptocurrencies, and digital assets conveniently and universally, creating a significant impact on allowing more people to trade and transact across Africa.