Busha secures $4.2m to scale crypto service in West Africa
Busha, an Africa-based digital platform that helps people buy, sell and store cryptocurrency has raised a $4.2 million seed round to deepen its presence across West Africa and other regions on the continent.
The seed round was led by Jump Capital with participation from Cadenza Ventures, Blockwall Capital, CMT Digital, Greenhouse Capital, Raba Capital, and other investors.
Since 2019, Busha has been scaling its services across Nigeria. “Our immediate mission is to onboard the next set of one million Africans into the crypto economy. We have seen the real difference in financial freedom crypto can make in the lives of our over 200,000 users, and we’re very motivated to extend this to more people on the continent,” Michael Adeyeri, Co-founder and CEO at Busha said.
With various platforms, agents can buy, sell, and manage their cryptocurrency portfolio. Busha’s growth has been driven by good customer experience and an exciting feature set. The company recently launched a revamped version of the app with innovative features which include less than $1 minimum purchases for a more inclusive offering, one-click limit orders, and automated recurring buys.
“We pride ourselves in being first in the market to introduce tangible innovations like instant payouts and 24/7 human customer service. This funding will empower us to do more faster, improve our security, and take a definitive leadership position in our target markets,” Moyo Sodipo, Busha’s Co-founder and Chief Product Officer said.
With a young population desperate for better financial mobility and wealth-creation opportunities, crypto adoption in Africa continues to accelerate. Busha intends to leverage resources from its new investors to offer market-beating prices and return more value to its customers while remaining proactive with compliance and regulation.
“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. Emerging markets continue to be an attractive prospect for digital assets as a means to globalize payments and level the financial playing field,” Max Shapiro, Co-Founder and Managing Partner at Cadenza Ventures, said.
The cryptocurrency platform has over 200,000 verified users, 25,000 assets supported, and over 1.5million trades executed since inception.
It intends to launch a savings feature that would allow users to earn interest on their crypto next month and early next year, and another for users to spend cryptocurrencies at selected online and offline retail outlets which is being developed in partnership with SureGifts, a gift card company.