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$350k pre-seed funding raised by Nigerian fintech startup Bitmama

Bitmama, a Nigerian fintech company, has raised $350,000 in pre-seed investment to increase its operational footprint, staff, and extend into other countries throughout the continent.

Bitmama, which was founded in 2019, offers a secure blockchain infrastructure that allows users in Africa to trade Bitcoin, Ethereum, Celo, and six other cryptocurrencies. Bitmama has processed over US $6 million in transactions this year alone, thanks to its customers in Nigeria and Ghana.

Changera, the startup’s payment system, allows companies and people in Africa and throughout the world to make cross-border payments and remittances. After obtaining US$350,000 in pre-seed investment, Bitmama intends to grow both solutions more extensively.

Flori Ventures led the round, which included Emergence Capital, Fedha Capital, and a slew of other VCs and angel investors. Bitmama plans to utilise the funds to grow its operations and workforce.

“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.”

Flori Ventures’ general partner and co-founder Maria Alegre announced her business has collaborated with Bitmama to boost the startup’s growth.

“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.

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