Ejara is a Cameroonian fintech company that makes an investment app that lets users buy crypto and save money in decentralized wallets. Ejara has raised $8 million in Series A funding to grow its platform.
Nelly Chatue-Diop and Baptiste Andrieux founded Ejara in 2020. The business provides fractional shares, bitcoin, and other low-cost investment alternatives to Francophone Africa through decentralized services.
The startup says that in the last 14 months, the number of users has grown significantly. Last October, it had 8,000 users from Cameroon, its first market, as well as Ivory Coast, Burkina Faso, Mali, Guinea, and Senegal. Now, it has more than 70,000 users in nine African countries that speak French.
The firm says its revenue has grown by ten times, and its transaction volume has grown by 15% per month since October when the crypto market crashed. It thinks there will be 100,000 users on the platform by the end of the year.
With this new fund, Ejara hopes to offer its services to more people in Francophone Africa and grow cryptocurrency use in the area. Anthemis, a London-based venture capital firm that is a follow-on investor, and Dragonfly Capital, a crypto-focused fund, led the new investment.