Ejara, a Cameroonian financial services platform, has raised $2 million in a seed round. Coinshares Ventures and Anthemis Group led the investment round.
Mercy Corps Ventures, Lateral Capital, LoftyInc Capital Management, and NetX Fund are among the other investors, as are a group of angel investors led by Pascal Gauthier, co-founder of Blockworks, and AngelList’s Socially Financed Fund.
Ejara was founded by Nelly Chatue-Diop in 2020 and is based in Francophone Africa, notably Cameroon.
Ejara began in Cameroon but has since expanded to include the Ivory Coast, Burkina Faso, Mali, Guinea, and Senegal, as well as the Francophone diaspora in Europe and North America, according to the firm.
Chatue-Diop stated, “We aim to expand as rapidly as possible.” “We started with cryptocurrency, but we plan to expand to include stocks and fractionalized equities, commodities and bonds, as well as US foreign currency.” “In order for us to develop quickly, we need more technology, growth, and a strong focus on support,” she explained.
According to Chatue-Diop, the platform’s user base has expanded by 25% month over month and transaction volume has increased by 35% within the same time period.
“By 2030, Africa will be one of the world’s largest economic regions,” Meltem Demirors, chief strategy officer at CoinShares, said in a statement. “Despite accounting for nearly 25% of the continent’s population, Francophone African startups have attracted less than 1% of venture capital in the African tech scene.”
The new funds will be used to expand and grow the company.