Bitmama Raises $350,000 Pre-seed Fund

Bitmama, a female-led African blockchain startup that provides a secured blockchain infrastructure that allows users across Africa to perform cryptocurrency transactions, has announced a pre-seed raise of $350,000.

Bitmama was founded in 2019 by Ruth Iselema, a trained pharmacist who went into the Blockchain space after she was scammed of 250,000 while trading Bitcoin.

The company is currently operational in Nigeria and Ghana. In Nigeria however, it operates a peer to peer model due to the ban on cryptocurrency by the government. On Bitmama, credibility is maintained via a 3-tier verification process.

Bitmama allows users to exchange and sell cryptocurrencies. It also enables users to send and receive money internationally, purchase airtime and data and pay utility bills through its cross-border payment option, Changera.

Per Technext NG, The funding raised would allow Bitmama to grow its operational presence while expanding its team as it penetrates new markets across the continent. Bitmama currently has 15,000 active users and hopes to expand into Francophone African countries, Kenya and Europe.

The funding round was led by San Francisco-based VC, Flori Ventures, with participation from Nigeria-based investment fund Emergence CapitalFedha Capital, and a host of VCs and angel investors.

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