Bitmama raises $2 million pre-seed expansion fund

Bitmama has attracted up to $2 million in total as funding from its base of global investors. The team explained that $350,000 was raised initially before an extra $1.65 million was added after ten months.

Leading the rounds were Unicorn Growth Capital, Launch Africa Ventures, Adaverse, Flori Ventures, Tekedia Capital, and more. Rene Reinsberg, Marek Olszewski, and Honey Ogundeyi are amongst the Angel investors during the fundraising.

The two major products launched by Bitmama are the Bitmama exchange and Changera. Bitmama exchange is a crypto platform that allows users to trade cryptocurrencies. Changera makes it easier for non-crypto savvy users “to use their money without limits,” around the world.

Bitmama closing on 100,000 users 

Bitmama has its presence in Nigeria, Ghana, and Kenya where users are able to access crypto-based services with their debit cards. It also offers financial services that help users to hedge against inflation plaguing most African currencies.

Bitmama has made huge progress over the years, explained the Founder and CEO, Ruth Iselema. With the two products released, we “are fast closing in on 100,000 users across the African market,” said Iselema.

The company is made of a remote diverse team scattered across Africa – from Ghana to Nigeria and Kenya. They are building easy-to-use financial services that can solve “the highly fragmented payment system in Africa”, and the blockchain technology is making this happen so fast.

Janade Du Plessis, Managing General Partner at Launch Africa commended the effort of the team. He believes that Bitmama is delivering services that will improve trans-African trading.

For Hema Vallabh of Five35 Ventures, Bitmama led by Iselema, will receive the help it deserves as they have shown growth potential especially with Changera.

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