The startup has developed a fintech app that allows the secured purchase, and transfer of digital assets and also enables users to save in cryptocurrencies.  Its goal is to promote financial inclusion and democratize the use of digital financial assets. 

Cameroonian crypto fintech Ejara announced, Monday (Nov 28), it has secured US$8 million in Series A funding. 

The round, led by London-based venture capital firm Anthemis and Dragonfly Capital, had the likes of Mercy Corps Ventures, Coinshares Ventures and Lateral Capital, Circle Ventures Moonstake and Emurgo Ventures as participants.

The additional funds will be used to further democratize access to investment and savings products in Francophone Africa and the diaspora, using blockchain technology. "Financial inclusion is my utmost concern and my role is to ensure that the financial products that Africans deserve are accessible to them with just a few clicks and the lowest entry barrier,” said Nelly Chatue-Diop, CEO of Ejara.

The fundraising comes exactly one year after the company raised US$2 million in seed funding, bringing its valuation to US$10 million. According to the startup, the financial resources were used to boost the use of cryptocurrency and investment services in Francophone Africa.

Despite the recent collapse of cryptocurrencies, Ejara has seen a 10-fold increase in revenue and a 15% monthly growth in transaction volume since last October. The startup expects to grow its user base to 100,000 by the end of 2022. Currently, it boasts users from Côte d'Ivoire, Burkina Faso, Mali, Guinea, Gabon, and Senegal, as well as French-speaking Africans in the diaspora (Europe, Asia, and the United States).

Samira Njoya