Two-year-old startup crypto and investment firm from Cameroon, Ejara, secures $8 million in funds from a series A investment.
The African crypto market continues to take up crypto adoption at a very high rate. Ejara, a crypto startup company in one of the Francophone countries, has managed to raise funding of $8 million in a Series A investment. The funding which was led by VC firm Anthemis will go to the company’s investment software that facilitates the purchase of cryptocurrencies and money-saving through decentralized wallets.
The led investor was accompanied by other investors including Mercy Corps, Coinshares Ventures, and Lateral who comprise Ejara’s additional investors. The new investors include Circle Ventures, Moonstake, Emurgo, Hashkey Group and Bpi France.
Who is Ejara?
Ejara is a start-up company from Cameroon that leverages blockchain technology to “democratize access to investment and savings products in Cameroon.”
The company recently launched its savings product through which government bonds are tokenized. The crypto product that is running aided the two-year-old company to a $10 million funding in less than 18 months.
Ejara puts effort to support several non-profit initiatives that aid in providing crypto and savings education to society. The initiatives mainly focus on young girls, orphans and women.
Recently Ejara acquired a license to extend its products to France.
How comes Ejara attracted such a huge investment?
CEO Nelly Chatue partnered with Baptiste Andrieux, the co-founder to fill the niche in the crypto space among users from francophone countries. Whereby the target customers can trade and keep their crypto investments.
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Unlike crypto platforms that give users custodial wallets, Ejara users have the liberty to choose noncustodial wallets. Hence these users can own and keep their keys. A choice that has driven the adoption of the platform, especially with the urge for users to give privacy and ownership a priority after the FTX debacle.
Users in remote settlements where the educated and the rich are given priority to financial products have taken refuge in Ejara. They can now access crypto by just linking their mobile Money accounts. Ejara offers access to stablecoins that come in handy during international transactions.
Ejara now has over 70,000 users within 9 francophone countries. the Startup expects an additional 100,000 by the end of the year.
