Nigerian social payments app for cash and cryptocurrencies Bundle has launched after being incubated within global blockchain company Binance and securing US$450,000 in funding from the firm.
Founded by Yele Bademosi, founding partner of early-stage VC firm Microtraction and formerly a director at Binance Labs, Bundle allows users to request, send and receive cash or crypto from their peers.
Users are able to buy, sell and store digital currencies as well as deposit or withdraw digital currencies and local fiat currencies, starting with Nigeria Naira and extending to many more fiat currencies in the coming weeks. These transactions can be processed via various payment channels such as cards, bank transfer, and mobile money.
The startup was incubated within the Binance ecosystem, and raised US$450,000 from the blockchain company, as well as other investors, in September 2019, but will now operate as an independent entity from Binance.
“We built Bundle with the digitally native African user in mind,” said Bademosi. “They are social, online and connected across geographical boundaries. They prefer their financial services delivered digitally via mobile apps as opposed to visiting brick and mortar bank branches. We built Bundle as a mobile wallet that supports cash and crypto, and makes using crypto feel like just another digital financial transaction done on a mobile app like Venmo.”
Bundle’s product vision is to evolve into a super-app with a native digital wallet that supports crypto and cash. It plans to support over 30 African countries by the end of the year, creating a simplified fiat on/off ramp for crypto on the continent.
“We believe Africa has several characteristics that make it a prime geographical location for the realisation of the full potential of digital currencies, blockchain, and its applications. Currently, only 1.4 million people out of 1.2 billion people in Africa use crypto today. This is a worthwhile mission because making the blockchain ecosystem more accessible unlocks economic opportunity on and for the continent,” said Bundle chief technical officer Taiwo Orilogbon.
Bundle will initially launch with zero fees, though KYC verification and fiat deposit and withdrawal limits will apply. The Bundle Android app is currently available, and the iOS version will be available in the coming weeks. Bundle does not currently support a desktop version.