- Nigerian fintech Bridgecard, had a successful pre-seed funding
- Some of these funds will be used to support crypto wallets in select countries
- Move will help spur adoption in the country and continent
Bridgecard, a leading Nigerian fintech company, has recently completed its pre-seed funding round, raising about $440k. The company just recently went public and had strong backing from companies like Venture platform, Voltron Capital, Velocity Digital, ABV fund, and Ingressive Capital.
Bridgecard also secured funding from some individual angel investors, including Johnson Yaya, and Duke Ekezie.
The company held the funding round to increase its user base and develop more of its platform. Company CEO, Tunde Adewole, revealed that the funding would be used to expand crypto wallet support in certain countries, allow users to link more bank accounts, and reach a wider user base in Nigeria and Africa, in general.
Bridgecard aims to be the financial operating system in Nigeria
The startup was co-founded a while back by Tunde Adewole and Festus Owumi as a solution to Nigerians’ financial access and management.
Bridgecard first launched a private beta platform to about 120 users. Within its first month, the platform had processed a transaction volume worth $70,000. The startup’s success prompted the recently concluded funding round.
According to Tunde, they created Bridgecard to help Nigerians better access and manage their assets across different bank accounts. Bridgecard users can merge all their accounts into one app and use it seamlessly for all their transactions, including paying their bills.
Users also receive cards with their accounts, which they can use to withdraw from Nigerian and international banks.
Crypto adoption on the rise in the continent
Bridgecard is certainly playing its cards right by adding crypto wallet support to their platform. Cryptocurrency adoption in the continent has been on a rapid increase, with Nigeria strongly among the leading countries.
A past research report by Chainalysis ranked Nigeria, together with Kenya and South Africa among the top ten countries in global crypto adoption.
The move by Bridgecard will certainly open up more opportunities for crypto enthusiasts in Nigeria to better access and manage their digital assets, alongside their fiat accounts, a move that may be fundamental in the global crypto adoption.
This move comes days after SEC Nigeria announced some regulations for digital asset platforms.
