Cameroonian crypto fintech Ejara closes $8 million in Series A to grow its platform

Ejara, a Cameroonian fintech offering an investment app that allows users to buy crypto and save through decentralized wallets, has raised $8 million in Series A investment to grow its platform.

• Ejara was founed by Nelly Chatue-Diop and Baptiste Andrieux in 2020. The startup offers fractional shares, cryptocurrency, and other affordable investment opportunities to Francophone Africa through decentralized services.
• The startup claims its users have grown in multiples over the last 14 months. Last October, it had 8,000 users from Cameroon, its first market and others including Ivory Coast, Burkina Faso, Mali, Guinea, and Senegal. Now, it counts over 70,000 users across nine Francophone African countries.
• The startup says its revenue has grown 10x and has achieved a 15% month-on-month transaction volume growth since last October despite crypto’s meltdown. It expects users on the platform to reach 100,000 by the end of the year
• With this new funding, Ejara hopes to reach more customers in Francophone Africa with its services and expand cryptocurrency activity in the region. The new investment was co-led by a London-based venture capital firm, Anthemis which is a follow-on investor and crypto-focused fund, Dragonfly Capital.