- African crypto startup, African Wallets, recently revealed investments from numerous major firms.
- Among the most notable investors is Mozilla, which joined the firms interested in African startups.
- The amount that startups across the continent are raising is on a sharp rise with each new year.
Investing in crypto businesses that have a plan to improve the global financial industry is becoming a major trend, and many large companies are getting on board with it. The most recent example is Mozilla Corporation, which recently invested in an African startup, Wallets Africa.
This is a Bitcoin-supporting company that aims to solve the issue of lengthy and expensive international payments. The firm is based in Lagos, Nigeria, and it recently revealed that it received funding from a number of companies.
Among them is Mozilla Corporation, as well as Samurai Incubate, 9Yards Capital, and Michael Seibel, the CEO of Y Combinator.
Seibel’s investment does not come as a huge surprise, as his firm, Y Combinator, recently purchased Wallet Africa’s equity. It bought 7.5% for around $150,000.
What is Wallets Africa offering?
As mentioned, Wallets Africa aims to help people send payments internationally, by allowing them to instantly convert crypto into fiat, send payments to other parties, or even transfer their money to local banks.
The process of doing so is much faster and cheaper than using traditional means, which is one way for people to avoid spending too much on lengthy payments.
Additionally, users can also use their funds to pay for cable TV and alike, all through the company’s product. The firm also has its own virtual dollar for making international payments, as well as naira cards that can be used internationally and locally.
A growing interest in African companies
Mozilla’s investment once again confirmed that companies and wealthy individual investors truly do see potential in African crypto space. The leading and most vocal investor is, of course, Twitter CEO, Jack Dorsey.
Dorsey even had plans to move to Africa last year, although such plans were delayed due to this year’s coronavirus pandemic, and similar issues. However, Dorsey never gave up on Africa, and, as far as it is known, he is currently seeking out new opportunities throughout the continent.
Meanwhile, African startups appear to be attracting more investments with every passing year. Only two years ago, African firms raised $725.6 million, which was a massive growth at the time, considering that investments in 2015 only included $200 million. However, the very next year, in 2019 the amount raised nearly doubled, going to $1.3 billion.