Bitmama
Bitmama is a Nigerian-headquartered blockchain payments platform that enables individuals and businesses across Africa to buy, sell, and trade cryptocurrencies and execute cross-border transactions via its Bitmama Exchange and Changera products, complemented by crypto debit cards, staking, and global airtime/data services.
- Company typePrivate
- Founded2017
- HeadquartersClaymont, United States
- Headcount1–10
- GTM typeB2C
- OfferingSoftware
What Bitmama does
Bitmama is a blockchain-based payments and cryptocurrency exchange platform founded in 2017 and headquartered in Lagos, Nigeria, with a corporate presence in Claymont, Delaware (Bitmama Inc.). The company operates a two-product platform: Bitmama Exchange, a peer-to-peer marketplace where users buy, sell, and trade cryptocurrencies including BTC, ETH, USDT, USDC, Celo, Stellar, XRP, Lisk, cUSD, and PYUSD against Nigerian Naira, Ghanaian Cedi, and Kenyan Shilling; and Changera, a cross-border payments product targeting African businesses and individuals, with FX transaction capabilities strengthened by the December 2023 acquisition of Payday, a virtual card service provider. Supporting features include virtual and physical crypto debit cards issued through a Mastercard partnership with Odoakpu Microfinance Bank Nigeria Limited (up to $100,000 monthly spending limits), GreenBox crypto gifting, Bitmama Earn staking for BTC/ETH/USDT, an airtime and mobile data purchase service covering 200+ countries, and a partners program paying crypto commissions for referrals.
The business model is primarily transaction-fee based, with taker fees of 0.8% and maker fees of 0.5% on P2P crypto trades. Card services are free to obtain but generate revenue through transaction volume. Customer acquisition is product-led via web platform and mobile apps (iOS and Android), supplemented by a Discord community of 500+ members and an affiliate/referral program with multi-year commission payouts. The company claims service availability across 100+ countries but excludes the United States, mainland China, Singapore, Quebec, and several sanctioned jurisdictions from its geographic footprint. Founder and CEO Ruth Iselema leads the company, which has raised approximately $2.85M across pre-seed rounds (October 2021, September 2022) and a 2023 Mercy Corps Ventures investment, and reports a user base of nearly 100,000 across Nigeria, Ghana, and Kenya as of September 2022.
Bitmama firmographics
Firmographics- Name
- Bitmama
- Legal name
- Bitmama Technologies Limited and Bitmama Inc.
- Website
- https://bitmama.io
- Company type
- Private
- Founded year
- 2017
- Operating status
- Operating
- Headcount range
- 1–10 employees
- Short description
- Bitmama is a Nigerian-headquartered blockchain payments platform that enables individuals and businesses across Africa to buy, sell, and trade cryptocurrencies and execute cross-border transactions via its Bitmama Exchange and Changera products, complemented by crypto debit cards, staking, and global airtime/data services.
- Ownership category
- akta.pro rank
Bitmama industry classification
Industry- Product category
- Cryptocurrency Exchange / Blockchain Payments
- NAICS
- Securities and Commodity Exchanges (52321)
- SIC
- Security & Commodity Brokers, Dealers, Exchanges & Services (6200)
- akta.pro primary industry
- Crypto Payments & Stablecoin Settlement Platforms (BPAMAFAL)
- akta.pro secondary industry
- Crypto Payment Gateways & Checkout APIs (FSADAIAA)
Keywords
Where Bitmama is headquartered
LocationHeadquarters
- HQ city
- Claymont
- HQ country
- United States
- HQ region
- North America
Offices2 records
Markets served
Bitmama business model
Business model- GTM type
- B2C
- Offering type
- Software
- Cost components
- Technology or R&D, Personnel, Operations, Marketing or Sales, Infrastructure
Revenue model
- Trading/Transaction Fees: The platform charges trading fees on cryptocurrency transactions. The taker fee is 0.8% of the coin amount traded, while the maker fee is 0.5%. This is the primary revenue stream from the P2P marketplace.
- Crypto Card Services: Revenue generated from virtual crypto card services with monthly spending limits up to $100,000. Cards are free to obtain but usage generates platform value through transaction volume.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Transaction based/ take rate | Pay-as-you-go | Taker trading fee of 0.8% |
| Transaction based/ take rate | Pay-as-you-go | Maker trading fee of 0.5% |
| Freemium | Monthly | Free virtual crypto card |
| Unit Pricing | Pay-as-you-go | Verification-based withdrawal limits |
Go-to-market motion3 records
Distribution channels4 records
Marketing channels5 records
Bitmama product offering
Product offeringCore offering
Bitmama operates a blockchain-based platform that lets users buy, sell, and trade cryptocurrencies (Bitcoin, Ethereum, USDT, USDC, CELO, XLM, XRP, cUSD, PYUSD) and make payments via a Mastercard-powered virtual/physical crypto debit card. Its Changera product extends the platform to cross-border payments and FX transactions, primarily serving African consumers and businesses with a P2P marketplace model, staking (Bitmama Earn), gifting (GreenBox), and global airtime/data purchases.
Product overview
Bitmama is a blockchain payments platform offering a unified product suite centered around cryptocurrency trading and cross-border payments. The core offerings include Bitmama Exchange (cryptocurrency buy/sell/trade platform supporting BTC, ETH, USDT, USDC, CELO, XLM, XRP, Lisk, cUSD, CEUR, PYUSD) and Changera (cross-border payments product). Supporting features include the Virtual Crypto Card (physical and virtual Mastercard debit cards for spending stablecoins globally), GreenBox (multi-recipient crypto gifting tool), Bitmama Earn (crypto staking with BTC/ETH/USDT), Airtime and Data Purchase (mobile top-up with crypto across 200+ countries), and the Partners Program (affiliate/referral commission system). The platform operates across Nigeria, Ghana, and Kenya with services available in 100+ countries. Founded in 2017 as a P2P digital currency exchange, Bitmama expanded through the 2023 acquisition of Payday (virtual card provider), integrating its technology into Changera.
Differentiator
Problem solved
Functional benefit
Brands
- GreenBox: Crypto giveaway tool that allows users to send crypto gifts (USDT, cUSD & USDC) to multiple recipients at once through a link
- Bitmama Earn
- Airtime & Data
Products and services
- Bitmama Exchange P2P cryptocurrency exchange platform where individual users can buy, sell, and trade Bitcoin, Ethereum, USDT, USDC, Celo, Stellar, XRP, Lisk, cUSD, PYUSD, and other supported digital assets using local fiat currencies (NGN, GHS, KES), accessible via web and mobile app with 24/7 availability.
- Changera Cross-border payments and FX transactions platform for African businesses and individuals, featuring international money movement, virtual card issuance, and stablecoin-based remittances, integrated with Payday's virtual card technology following the December 2023 acquisition.
- Bitmama Virtual Crypto Card Virtual and physical crypto debit cards that allow users to spend stablecoins (USDT, USDC, cUSD) anywhere Mastercard is accepted globally, with monthly spending limits up to $100,000. Cards are issued in partnership with Odoakpu Microfinance Bank Nigeria Limited for CBN compliance.
- GreenBox
Quantifiable outcome
- Transaction volume exceeded $6 million annually as of October 2021
- +1 more outcomes
Companies that use Bitmama
Customer profileSegments3 records
Ideal customer profiles2 records
Bitmama technology and API
TechnologyTechnology focussed Yes
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Feature5 records
Bitmama partnerships and signals
Strategic signalPartnerships
Three partnerships are on record, tiered major and core.
- PaydaymajorAcquired Payday, a virtual card service provider founded in 2021 that had raised $3 million in seed funding. Integration of Payday into Changera cross-border payments platform enhanced FX transaction capabilities
- MastercardcoreMastercard powers the Bitmama virtual and physical crypto debit cards, enabling global acceptance at any merchant accepting Mastercard worldwide
- Odoakpu Microfinance Bank Nigeria LimitedcoreLicensed Nigerian microfinance bank that issues the Bitmama crypto card, ensuring CBN compliance and responsible for customer service support
Scale indicators7 records
Recent moves6 records
Expansion highlights6 records
Bitmama competitors and assessment
Company assessmentDirect peers
- Yellow Card: Pan-African crypto exchange and on/off-ramp operating across Nigeria, Ghana, Kenya, and 15+ other African markets. Directly comparable P2P and liquidity-pool model with similar fiat-rails focus, but materially better capitalized ($40M+ Series B).
- Quidax: Nigeria-based crypto exchange offering buy/sell/trade of major cryptocurrencies in NGN. Directly comparable exchange product, target market (Nigerian retail and SMB), and fee model; competes head-to-head in Bitmama's home market.
- Luno: Global crypto exchange with deep African presence (Nigeria, South Africa, Kenya, Uganda). Offers the same buy/sell/trade value proposition with strong regulatory standing and backing from Digital Currency Group; one of the most established direct competitors in Bitmama's core geographies.
- Busha: Nigerian crypto exchange (rebranded from BuyCoins) serving retail and institutional customers across Africa. Closely comparable exchange product, Nigerian-rooted team, and focus on the same retail crypto trader segment.
- Paxful: Global P2P crypto marketplace that historically had very strong African user base. Directly comparable P2P marketplace model and target customer (retail traders in emerging markets), though now operating under new ownership after leadership disputes.
- NoOnes: P2P crypto exchange founded by a Paxful co-founder, explicitly focused on emerging markets including Africa and Latin America. Closely comparable P2P marketplace model and same retail trader target customer.
- Patricia: Nigerian crypto exchange and gift card trading platform. Directly comparable Nigerian-rooted crypto exchange product with retail user focus; though Patricia has faced its own security incident that affected user trust.
Emerging players
- Chipper Cash: Pan-African cross-border payments platform that has added crypto trading features. Comparable cross-border payments angle (Changera) and African SMB/retail user base, though its core is fiat P2P transfers rather than crypto-native.
Broad incumbents
- Binance: World's largest crypto exchange, serving millions of African users via P2P and fiat on-ramps. Overlaps materially on crypto trading, but operates at vastly larger scale and competes primarily on liquidity and breadth of assets rather than African-specific fiat rails.
- Coinbase: US-listed global crypto exchange with growing presence in select African markets via P2P and educational initiatives. Overlaps on core buy/sell/trade functionality but does not currently specialize in African fiat rails or cross-border payments like Bitmama does.
Market position
Strengths4 records
Weaknesses5 records
Competitive moat4 records
Key risks7 records
Key highlights7 records
Customer concentration
Bitmama social profiles
Digital presenceBitmama financial estimates
Financial estimateRevenue estimate
Valuation estimate
Bitmama leadership team
Management profileNumber of profiles
Profiles1 record
Bitmama subsidiaries and ownership
Company hierarchySubsidiaries1 record
Bitmama funding detail
Funding detailFunding overview
Funding rounds7 records
Investors14 records
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Bitmama M&A and investment
M&A and investmentM&A1 record
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Bitmama
What does Bitmama do?
Bitmama operates a blockchain-based platform that lets users buy, sell, and trade cryptocurrencies (Bitcoin, Ethereum, USDT, USDC, CELO, XLM, XRP, cUSD, PYUSD) and make payments via a Mastercard-powered virtual/physical crypto debit card. Its Changera product extends the platform to cross-border payments and FX transactions, primarily serving African consumers and businesses with a P2P marketplace model, staking (Bitmama Earn), gifting (GreenBox), and global airtime/data purchases.
Is Bitmama a public or private company?
Bitmama is a private company. It is classified as venture growth investor backed and is currently operating.
When was Bitmama founded?
Bitmama was founded in 2017. It employs 1 to 10 people.
Where is Bitmama based?
Bitmama is headquartered in Claymont, United States, in the North America region.
How does Bitmama make money?
Two revenue lines are on record. Trading/Transaction Fees are the primary driver. The others are crypto Card Services.
Who are Bitmama's main competitors?
Direct peers on record are Yellow Card, Quidax, Luno, Busha, Paxful, NoOnes and Patricia. Chipper Cash is listed as an emerging player. Broad incumbents are Binance and Coinbase.
Does Bitmama have an API?
No public API is recorded for Bitmama.
What industry is Bitmama in?
Bitmama's product category is Cryptocurrency Exchange / Blockchain Payments. Its primary akta.pro industry code is BPAMAFAL, Crypto Payments & Stablecoin Settlement Platforms, with a secondary code of FSADAIAA, Crypto Payment Gateways & Checkout APIs. Its NAICS code is 52321 and its SIC code is 6200.