Nigerian fintech startup Bridgecard has raised $440,000 in pre-seed funding to help it grow its user base and platform in Nigeria.
ABV funds led the pre-seed funding round, which included Ingressive Capital, Voltron Capital, Venture Platform, Velocity Digital, and Berrywood Capita.
Johnson Yaya, Kennedy and Duke from Kippa, and Miracle Anyanwu are among the other angel investors in this round.
The funds will be used by the startup to increase the number of bank accounts that can be linked to the platform.
Bridgecard will also expand to enable crypto wallets in approved countries, expand product distribution, and more effectively manage online and card payment concerns.
Founded in October 2021 by Owumi Festus and Tunde Adewole, Bridgecard alleviates the problem of managing various bank accounts, apps, and easy access to money.
The start-up combines all cards, bank accounts, and fintech wallets into one card and an app, enabling users to conduct online transactions, pay bills, and withdraw money from any linked account within the app.
They also offer a physical card that can be used to withdraw money from any Nigerian or international bank account, as well as a dollar card with a monthly spending limit of US$10,000.
Users can use this application to better manage their finances, have simpler access to their funds, make international transactions, and protect their funds.
Bridgecard recently went public and is now available for download after a private beta period in which they launched to 120 customers and handled over US$70,000 in transaction volume in two months.
Despite the fact that Bridgecard is still in its infancy in this market, its offerings are rather diverse, and there are a few goods that are identical.
“We built Bridgecard because it’s quite difficult to have just one bank and even more difficult to manage funds across multiple bank accounts. We wanted to solve this problem by building an operating system for money, one app where you could spend, send, and see the money in all your bank accounts and wallets,” said Adewole.
“We also wanted to provide our users with one card that can support all your online and offline transactions. Bridgecard moved from a mobile app my co-founder and I used to make our lives better to what we got over 5,000 people interested in. We really can’t wait to solve this problem for every African.”