US and African-based blockchain payments startup Bitmama has raised an additional $1.65m in its pre-seed round, bringing the total raised to $2m.
Bitmama closed this funding from a group of foreign and domestic investors ten months after its initial pre-seed round of $350,000.
The 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 included 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.
Bitmama describes itself as a highly-secure blockchain payment platform that is pioneering “Crypto Beyond Trading” for Africans globally.
The company said it is approaching the African crypto market differently by promoting the awareness and adoption of crypto through innovative product offerings including its virtual crypto debit cards, which afford over $10,000 in monthly spending limits. Powered by VISA, these cards are funded with stable coins and can work anywhere in the world for online transactions.
The company said the capital will be used to expand its operational presence, strengthen its team across different markets, consolidate its product offerings, and plot market penetration across Africa, while rapidly scaling new use cases for cryptocurrency within the continent.
At present, Bitmama said its major products are the Bitmama exchange, which allows users to access virtual assets and explore several cryptocurrency use cases, and Changera, a social payment solution that allows non-crypto-savvy customers to use their money without limits, from anywhere in the world.
Ruth Iselema, founder and CEO of Bitmama, 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, and innovative blockchain company, and are glad to have the backing of seasoned investors and partners who have walked similar turfs themselves.”
Earlier this year, Appletree digital commerce, unveiled the Taking One Million African Traders Online Movement (TOMATO), its solution to the lack of opportunities for the youth across Africa.
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