Nigerian Crypto Exchange, BitMama, Closes a $350,000 Pre-Seed Funding Round

Bitmama, a Nigerian-based exchange and blockchain startup, has closed $350,000 in pre-seed funding round to grow its operations and expand into new markets across Africa.

The seed round was led by Flori Ventures with participation from a host of VCs and angel investors.

Currently, Bitmama has users across Nigeria and Ghana having recorded over $6 million in transaction volumes in 2021 so far.


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BitMama currently enables transactions in up to 5 cryptocurrencies. These include:

  • Bitcoin
  • Ethereum
  • Celo
  • XLM
  • XRP

Speaking about the raise, Ruth Iselema, CEO, Bitmama, said:

“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.

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.”

                                              – CEO, Bitmama

According to the Co-Founder, Flori Ventures, Maria Alegre:

“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.”

                                                   – Co-Founder, Flori Ventures VC

Bitmama also runs a payment solution called Changera which enables cross-border payment and remittance for businesses and individuals in Africa and globally, and plans to also expand this service with the recent raise.


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