Nigeria-based cryptocurrency exchange, Busha has raised $4.2 million in investment led by Jump Capital. Cadenza Ventures, Blockwall Capital, CMT Digital, Greenhouse Capital, Raba Capital, and other investors also participated in the financing round.
Busha which has been scaling its services across Nigeria since 2019 will now deploy the new funds into expanding its market across West Africa and also other parts of the continent.
Busha’s growth has been driven by superior customer experience and an exciting feature set. The company recently launched a revamped version of the 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 intends to launch a savings feature that would allow users to earn interest on their crypto next month and early next year, another for users to spend cryptocurrencies at select online and offline retail outlets. The latter is being developed in partnership with SureGifts, a gift card company.
Founded in 2018 by CEO Michael Adeyeri and Chief Product Officer (CPO) Moyo Sodipo, the cryptocurrency exchange claims to have more than 200,000 users and holds an ambition to “onboard the next set of one million Africans” into the crypto economy.
“Our immediate mission is to onboard the next one million Africans into the crypto economy. We have seen the significant difference in the 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,” Co-founder and CEO at Busha, Michael Adeyeri said,
“We pride ourselves in being first in the market to introduce tangible innovations such as instant payouts and 24/7 human customer service,” says co-founder and Chief Product Officer Moyo Sodipo. “This funding will empower us to do more faster, improve our security, and take a definitive leadership position in our target markets.”
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,” said Peter Johnson, Partner at Jump Capital. “We are excited to work with the Busha team to continue to enhance their market-leading product offering.”
“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,” says Max Shapiro, Co-Founder and Managing Partner at Cadenza Ventures.