Bitmama is a Nigerian blockchain company that aims to democratize the payment system across the continent. The startup has remote teams working in Nigeria, Ghana and Kenya.
The company was founded in 2019, initially operating as a WhatsApp group where members exchanged notes about crypto and later on branched into making transactions. In due course, a crypto exchange platform was built, allowing users to access virtual assets formally. It would then expand into other use cases such as buying, selling and swiping crypto as well as peer-to-peer transactions.
“We started Bitmama to make it easy for anyone across the African continent to buy and sell cryptocurrency. But as time passed, we saw a couple of use cases we could employ this technology to solve,” said company CEO, Ruth Iselema
“Many people wanted to make transactions asides from buying and selling of crypto, so we built stuff that could also let them buy local and international airtime and data. Then, due to local bank card limitations of $20 monthly spend, we provided virtual dollar cards for Nigerians to make international purchases.”
As the continent embraces blockchain for various uses, platforms such as Bitmama will play a key role in bridging the gap. Last year, crypto adoption in Africa was reported at more than 1,200%, making the continent the third fastest-growing crypto market in the world. This signifies the great potential for all stakeholders in the ecosystem.
Recently, Bitmama introduced Changera, a social payment solution allowing customers to use stablecoins to facilitate remittances and international payments on Netflix and Amazon via virtual cards. The company reports that Changera records up to $10,000 in monthly spending limits.
The company’s latest funding of $1.65 million is an addition to the $350,000 it raised last October. The round was led by capital firms Unicorn Growth Capital and Launch Africa with participation from Adaverse, Flori Ventures, Tekedia Capital, and GreenHouse Capital among others.