Thursday, December 2

DEAL: Nigerian-crypto exchange startup, Busha raises $4.2 million seed funding for pan-African expansion


Busha, a Nigerian crypto-exchange platform that helps users buy, sell, and manage their cryptocurrency portfolio has raised $4.2 million seed funding.

The round was led by Jump Capital with participation from Cadenza Ventures, Blockwall Capital, CMT Digital, Greenhouse Capital, Raba Capital, and other investors.

The new funds will be used to strengthen the company’s market position in Nigeria, recruit more people, and expand into other African nations, according to the company.

What Busha does

Busha is one of Africa’s leading digital asset platforms on a mission to onboard millions of Africans into the crypto economy. Founded in 2019 by Michael Adeyeri (CEO) and Chief Product Officer (CPO) Moyo Sodipo, the company is building software and services that will enable their users to experience the blockchain-enabled future of finance.

Busha’s growth has been driven by superior customer experience and an exciting feature set. According to the startup, it has over 200,000 registered users and has executed over 1.5million trades.

The startup recently launched a revamped version of the Busha app with innovative features like minimum purchases as low as 50 cents for a more inclusive offering, one-click limit orders, and automated recurring buys.

Busha has over 100k downloads on play store and offers zero transaction fees when you buy or sell with fiat.

What they are saying

Peter Johnson, Partner at Jump Capital said “We believe Nigeria and the African continent are one of the most promising places for crypto to make a significant impact in offering financial freedom to millions of individuals. We are excited to work with the Busha team to continue to enhance their market-leading product offering.”

Max Shapiro, co-founder and Managing Partner at Cadenza Ventures; “Emerging markets continue to be an attractive prospect for digital assets as a means to globalize payments and level the financial playing field. The Busha team has proven to be efficient operators in bringing this vision to reality.”

Michael Adeyeri, co-founder & CEO at Busha; “Our immediate mission is to onboard the next one million Africans into the crypto economy. We have seen the significant difference in financial freedom that crypto can make in the lives of our over 200,000 users, and we are very motivated to extend this to more people on the continent.”

Moyo Sodipo, co-founder and Chief Product Officer at Busha; “We pride ourselves in being first in the market to introduce tangible innovations such as instant payouts and 24/7 human customer service. This funding will empower us to do more and faster, improve our security, and take a definitive leadership position in our target markets.”



nairametrics.com

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