Nigerian Microtraction Invests In 2 Nigerian Fintech Startups
A Nigerian early-stage fund Microtraction has invested in 2 fintech startups named CowryWise and Bitkoin Africa, and more of such funding is set to be disclosed in the coming weeks. Microtraction was launched in July 2017 as an investment platform, and today plans to invest USD 65 K in startups at the various stages of their development.
Having announced the first duo of undisclosed investments last year and completed the deals, the founder and managing partner of the platform, Yele Bademosi reported that more investments would be announced in the coming weeks.
CowryWise is a secure automated service platform that assists users in saving cash and enjoying high returns from risk-free investments in Nigeria with zero fees. According to Bademosi, “With CowryWise the opportunity is big-time. They are offering a wonderful product that solves a genuine problem which is also cumbersome for the existing competition to offer, bringing about a sustainable moat”. Adding, he said, “They need to scale very fast over the next 12 to 18 months and continually increase the customers they have on the system.”
Meanwhile, Bitkoin Africa is a platform that offers users a comfortable and secure way to trade Bitcoin, Litecoin, Ethereum and Bitcoin cash in Africa. Bademosi, commenting, said. “Our investment with Bitkoin Africa is the true definition of microtraction. I believe when a good opportunity, in this case- a fast-growing market – meets a good entrepreneur, great things will occur”.
He added that, “This investment is about convexity, that is – there is limited downside and unlimited upside. The downside the complete loss of our investment capital and the upside is the ability to play a role in building a firm that democratizes not only access to digital coins, but an open financial infrastructure that has the capacity to enable a various things from credit, remittances, insurance, and capital formation to decentralized store of value. I am of the belief that the masterminds behind Bitkoin Africa have what it takes to navigate the avenues or bottleneck that will ensue”.
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This article first appeared on Disrupt Africa
Note: This article was updated on 1st July 2018.
