Participated · Seed · Sep 2022

Bitmama operates a crypto exchange and a social payment product called Changera that issues virtual crypto debit cards funded with stablecoins for remittances and international online purchases. The company began as a WhatsApp group and expanded into formal crypto services including buying, selling, swapping and peer-to-peer transactions. Changera targets non-crypto‑savvy users with simple UI and supports virtual dollar cards with >$10,000 monthly spending limits for online transactions. Bitmama reports user growth from under 20,000 earlier this year to more than 70,000 across its platforms; revenues come from transaction margins. The team is distributed across Nigeria, Ghana and Kenya and the company is U.S.- and Nigeria-based. Future plans include a B2B API offering to let businesses embed crypto services and broader market expansion across Africa. Bitmama operates a crypto exchange and a cross-border payments product, Changera, which lets users buy, sell, and trade cryptocurrencies (including Bitcoin, Ethereum, Celo and six others) and send/receive money internationally, buy airtime, and pay utility bills. The company was founded in 2019 and is based in Delaware and Neuss, Germany. Bitmama has recorded more than $6 million in transaction volume this year and reports over 15,000 users across its two offerings; the team has grown to more than 20 members. The company says its users are active monthly, though the founder would not confirm profitability at this stage. Future plans include expanding current products into other African markets (including Francophone countries and Kenya) and Europe, launching Changera for businesses, opening its wallet API free to developers, and supporting the ecosystem via hackathons. Bitmama has been hiring in engineering and marketing to accelerate product development and feature expansion rather than adding new product lines.

Participated · Series A · Jan 2022

Bamboo is a retail investment app launched in January 2020 that lets Nigerians set up accounts in minutes and trade U.S. stocks, ETFs and ADRs in real time through a DriveWealth partnership. The company charges a 1.5% commission per transaction and a ₦45 / $45 withdrawal fee and has focused on user acquisition and retention. Bamboo reports more than 300,000 users, about 20% of whom are active daily traders, 75% were new to stock trading when they joined, and repeat depositors accounted for 85% of deposits in 2021. The startup operates in a tight regulatory environment after Nigeria’s SEC and CBN raised compliance concerns and a court order was used to unfreeze its accounts. With the new funding Bamboo plans to scale its tech infrastructure to speed processes and withdrawals and to build a B2B product for asset managers and fintechs. It is pursuing regulatory approvals to offer Nigerian stocks before Q2 and plans geographic expansion beginning with Ghana (50,000+ on its waitlist), with demand noted from Kenya and South Africa.

Participated · Seed · Mar 2021

Bankly digitizes informal thrift collection systems (esusu/ajo) to enable cash-dependent Nigerians to save and transact via online and offline channels. The company has built an agent network that lets customers deposit and withdraw cash through local agents and captures customer data to create an online banking presence. Over the past 18 months agents on the platform grew from a little over 2,000 to 15,000, and the company serves roughly 35,000 customers. Bankly also offers data-as-a-service to other providers to deliver tailored products to the informal sector. The startup operates with lower physical and customer-acquisition costs than traditional banks, allowing it to offer interest to customers while maintaining margins. With the new funding it plans to add more agents and roll out direct-to-consumer products to expand its customer base and support Nigeria’s financial-inclusion goals toward 2025.