Ejara, a Cameroonian financial services platform, has secured $2 million in a seed round led by Coinshares Ventures and Anthemis Group to help Francophone Africa lead in crypto use and investment services.
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 plans to use the funds to expand its engineering team and product, as well as scale its operations and deploy the items on its roadmap.
Chatue-Diop and Baptiste Andrieux launched Ejara in 2019 as an app for people in Africa and the diaspora to access commodities, investments, cryptocurrency, fractional shares, and other financial products.
Even though it is only a year old, it already has over 8,000 users, whom it serves through a partnership with MoonPay, a crypto payment infrastructure company that allows Ejara users to send money to friends and family in Africa.
Cameroon, Burkina Faso, Ivory Coast, Senegal, Mali, and Guinea are among Ejara’s users. They also cut across the diaspora of French-speaking Africans (the United States, Europe, and Asia)
Customers who use its platform to buy and store cryptocurrencies for future plans, as well as business owners who do transactions on a regular basis, are its primary targets.
.By leveling the playing field, Ejara intends to enable Francophone Africans to invest as little as $9 (5,000 CFA) in cryptocurrencies through its platform.
Ejara is a firm believer in the value of privacy, security, and ownership. That is why it is providing non-custodial wallets to its users, allowing them to safely trade and store their cryptocurrency investments.