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Nigeria: Bitmama closes pre seed funding round

Nigerian fintech startup Bitmama closes a US$350,000 pre-seed funding round to grow its operational presence and expand its team.

Bitmama, a fintech startup that specializes in providing secured blockchain infrastructure has closed a $350,000 pre seed funding round to scale its operational presence, broaden its team, and expand into new markets across the continent.

The round was led by Flori Ventures, with participation from Emergence Capital, Fedha Capital, and a host of VCs and angel investors.

“We believe the continent’s crypto landscape will experience massive growth in user base and trading volumes in the next couple of years and we are aiming to build an efficient blockchain infrastructure that is firm and flexible enough to help users navigate complexities and facilitate secure cryptocurrency transactions across the continent,” said Ruth Iselema, founder and chief executive officer (CEO) of Bitmama.

“Most importantly, we are thrilled to have strong financial backers with global credibility and track records, who are keen on supporting our mission to ensure crypto and cross-border transactions across Africa are done efficiently and safely for users and businesses.”

Maria Alegre, general partner and co-founder of Flori Ventures, said her firm had partnered with Bitmama to help the startup with its growth journey.

“We are particularly interested in projects that explore universal basic income, community commerce, community currencies, natural-capital-backed currencies, accessible DeFi primitives, earnings platforms, peer-to-peer marketplaces,” she said.

Launched in 2019, the fintech startup provides a secured blockchain infrastructure that allows users across Africa to transact Bitcoin, Ethereum, Celo and six other cryptocurrencies.

With users across Nigeria and Ghana, Bitmama has recorded more than US$6 million in transaction volume this year alone. Simultaneously, the startup’s payment solution Changera enables cross-border payment and remittance for businesses and individuals in Africa and globally.

Nigeria in focus

GDP: $432.294 billion in 2020 compared to $448.12 billion in 2019

Population: 206,139,587 in 2020 compared to 200,963,03 in 2019

GDP per capita: $2,097 in 2020 compared to $2,229 in 2019