Bitmama, a Nigerian blockchain payments firm, has announced it has raised an additional $1.65 million in pre-seed funding, ten months after raising $350,000 in a previous pre-seed round. In total, the company has raised $2 million in its pre-seed round.
Adaverse and Launch Africa Ventures joined Unicorn Growth Capital and Launch Africa Ventures in leading the round, which was also backed by Flori Ventures, which had previously led the pre-seed round.
New investors in the round include the CELO founders Rene Reinsberg, Marek Olszewski, and Honey Ogundeyi, as well as Tekedia Capital, GreenHouse Capital, ODBA, Five35 Ventures, Chrysalis Capital, Enrich Africa, Thrive Africa, and Angellist Ventures.
Currently, Bitmama offers consumers the convenience of buying and selling cryptocurrencies using their debit cards in the three African markets of Nigeria, Ghana, and Kenya.
Additionally, it enables them to make routine online payments, pay for services, and take out acts like staking to protect themselves against currency depreciation.
The monthly spending limit on its virtual card can go as high as $10,000.
These VISA-powered cards can be used for online transactions anywhere in the world and are paid with stablecoins.
We are proud to have the support of seasoned investors and partners that have traversed comparable terrain as we work to establish Africa’s most innovative and user-friendly blockchain enterprise. We have the honor of benefiting from their fusion of corporate and blockchain business vertical experiences. The market deserves the next big solution, and we are ready to build it,” stated Ruth Iselema, founder and CEO. We are confident in the outcomes we’ve already produced.
The new fund, according to the business, will be put to use to swiftly scale new bitcoin use cases in Africa, as well as to increase the company’s operational presence, develop its workforce across regions, consolidate its product offerings, and forecast market penetration.
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