Bitmama closes $350k pre-seed funding round

Nigeria-headquartered fintech startup Bitmama has closed a US$350,000 pre-seed funding round to expandits geographical presence, increase its headcount, and also launch in new markets across Africa.

Founded in 2019, Bitmama offers secured blockchain infrastructure that enables customers across the continent to buy and sell Bitcoin, Ethereum, Celo, and six other cryptocurrencies. 

Bitmama’s current users are spread across Nigeria and Ghana, and the total transaction volume processed through Bitmama’s platform in the year 2021 only stands at over US$6 million.

The firm also operated a remittance solution called “Changera” which facilitates cross-border payment and transactions for businesses and individuals in Africa and the world at large.

The fresh capital injection will be deployed by Bitmama into plans aimed at scaling and expanding both offerings to reach a wider customer base. 

The round was led by Flori Ventures, and also drew commitments 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 CEO of Bitmama.