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Zimbabwean bitcoin startup BitFinance secures new investment from angel investor
Zimbabwean bitcoin exchange and cryptocurrency startup BitFinance announced that it has secured a new investment from angel investor Taurai Chinyamakobvu. The BitFinance team stated that the funds raised will be utilized to expand the reach of their service and enhance the user experience on BitcoinFundi, which is their online bitcoin exchange platform, as reported by TechZim.
BitcoinFundi platform is used by third-party subscribers in order to hold and trade bitcoin with other subscribers. The BitFinance team, however, did not disclose the amount of fund raised in the round.
“Unfortunately although we decided that we want to announce the investment we decided not to disclose how much it was,” Tawanda Kembo, co-founder of BitFinance said in an interview to TechZim. “We want to enhance the user experience particularly focusing on the amount of time it takes a customer to move money into and out of BitcoinFundi.”
When asked about the aspect of scaling operations, Kembo stated that they are focusing on awareness through education and growing its customer base in Zimbabwe. He also added that the bitcoin exchange platform has included South African Rand deposits/withdrawals and added the BTC/ZAR currency pair for traders.
“We want to spend more marketing dollars to get more people to do BTC/ZAR trades,” he added.
The team secured its first round of funding when the startup gained visibility across Africa in 2015 when it was accepted into Savannah Fund’s 4th accelerator class in Kenya. Kembo also stated about the plans of BitFinance in 2017.
“In 2017 we’re going to focus on establishing more B2B partnerships – we think that’s where our biggest growth potential is. We’ve also learned from our partnership with BeForward earlier this year that businesses, particularly those that move money across the border, are where the need for bitcoin is the greatest,” he stated.