In September 2022, Nigerian blockchain payment startup Bitmama closed a $2 million pre-seed funding round to scale its operations and enter new African markets. The round combined a previously raised $350,000 from October 2021 with an additional $1.65 million, led by Unicorn Growth Capital and Launch Africa Ventures.
Other participants in the round included Flori Ventures, Adaverse, Tekedia Capital, GreenHouse Capital, Five35 Ventures, Chrysalis Capital, AngelList Ventures, and several angel investors such as Rene Reinsberg, Marek Olszewski, and Honey Ogundeyi.
Strengthening Presence Across Africa
Founded in 2019 by Ruth Iselema, Bitmama operates in Nigeria, Ghana, and Kenya. The company offers two main products:
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Bitmama Exchange, where users can trade cryptocurrencies like Bitcoin, Ethereum, and Celo.
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Changera, a platform that allows users to make international payments using stablecoins via virtual cards—ideal for services like Netflix, Amazon, and tuition fees.
Combined, both platforms serve nearly 100,000 users, with growing daily transactions across the region.
Strategic Growth Focus
The newly acquired funds will help Bitmama:
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Expand into additional African countries.
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Enhance its product line with business-facing solutions like crypto-powered APIs.
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Recruit talent and develop infrastructure to support increased demand.
CEO Ruth Iselema stated that the goal is to simplify blockchain access for both individuals and businesses by building tools that support everyday use, including cross-border payments and spending in local contexts.
Paving the Way for Crypto Integration
Bitmama is positioning itself at the intersection of financial inclusion and blockchain innovation by making crypto spending practical and accessible. Its flagship platform, Changera, targets users unfamiliar with crypto by offering stablecoin-backed services in a familiar app-based interface.
As a result, Bitmama is helping to bridge the gap between blockchain technology and traditional finance across Africa’s growing digital economy.
Snapshot
| Details | Information |
|---|---|
| Total Funding | $2 million (pre-seed) |
| Round Structure | $350,000 (2021) + $1.65 million (2022) |
| Lead Investors | Unicorn Growth Capital, Launch Africa Ventures |
| Key Markets | Nigeria, Ghana, Kenya |
| Main Products | Bitmama Exchange, Changera Payments Platform |
| User Base | Nearly 100,000 users |
| Use of Funds | Regional growth, new features, talent acquisition |
In summary, Bitmama’s September 2022 funding marks a major milestone in African blockchain innovation. With fresh capital and a growing user base, the startup is set to deepen its impact on digital finance by making cryptocurrency more accessible, useful, and scalable across the continent.
