Zimbabwean bitcoin startup BitFinance has raised additional funding from a local angel investor to help it scale operations and enhanced the user experience on its BitcoinFundi exchange.
Launched in December 2014 and last year accepted into the Nairobi-based Savannah Fund programme, BitFinance has rolled out BitcoinFundi, an exchange that makes it easy for Africans to buy and sell bitcoin.
The startup now plans to open up BitcoinFundi to users in other African countries after raising an undisclosed amount of funding from local angel Taurai Chinyamakobvu.
“We are very excited about this development. It is very difficult for startups in Zimbabwe to raise funding. This is obviously a vote of confidence in the future of our ideas and this will help us scale up our service and vision,” said Tawanda Kembo, BitFinance’s co-founder.
“The startup ecosystem in Zimbabwe is not very developed. This fundraising initiative is a step in the right direction, and we are very encouraged by this investment.”
Chinyamakobvu said it was high time Zimbabwe started moving towards building capacity by investing in blockchain technology, which anchors Bitcoin.
“I am motivated by not just the passion of the co-founders of BitFinance, but also the fact that Zimbabwe needs to be on the cutting edge of innovations around blockchain technology,” he said.
“BitFinance has the skills and passion to blaze this trail, not just in Zimbabwe, but Africa as well.”