Nigeria Blockchain Payment Startup, Bitmama Closes $2m Pre-See As It Scales New Market

Crypto-fiat exchange platform that allows traders to buy and sell Bitcoin, Ethereum, Celo, and other digital assets, Bitmama, recently raised $2milion in pre-seed funding.

The latest round was led by Unicorn Growth Capital and Launch Africa Ventures, with participation from Adaverse and follow-on from Flori Ventures, which led its earlier pre-seed round.

New investors in the round include Tekedia Capital, GreenHouse Capital, ODBA, Five35 Ventures, Chrysalis Capital, Enrich Africa, Thrive Africa, Angellist Ventures, and angel investors including, CELO founders; Rene Reinsberg, and Marek Olszewski, and Honey Ogundeyi.

Currently in three African markets; Nigeria, Ghana, and Kenya, Bitmama’s users can trade several cryptocurrencies, and can as well use their debit cards for regular online payments, payment of utility bills, and performing transactions such as staking to hedge against currency devaluation.

From its inception, Bitmama has always had the dream to make everyone understand and enjoy crypto beyond trading. With this $2 million pre-seed raised, that dream is now a step toward reality.

This means new markets, loftier goals, and better crypto spending, trading, and living experience for all of its customers.

Commenting on the pre-seed round, Founder and CEO of Bitmama Inc, Ruth Iselema disclosed that the company is hell-bent on building Africa’s most innovative blockchain company, and they are glad to have gotten the backing of seasoned investors.

See what she said;

“Bitmama has made a number of strides in the past year. We’ve rolled out two products, both of which are fast closing in on 100,000 users across the African market and recording impressive daily active users across our range of product offerings despite the market dynamics.

“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.”