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Davido Invests $3 Million in Ghanaian Fintech Start-up, Bitsika

Davido has been making moves, and one of such is his partnership with Ghanaian Fintech firm Bitsika.

Bitsika is a payment provider which uses Blockchain technology and its resultant cryptocurrencies like Bitcoin, to facilitate quick and low-fee payments.

Davido’s shareholding partnership with Bitsika which is reportedly valued at about $3 million, was confirmed and made effective on the 8th of October 2020.

The artiste took to his social media to make this announcement and the post reads: “Been working on this deal a while now! I’m so glad to finally announce. My first FinTech partnership. This one means so much to me! Our very own cure for all your transfer and payment issues.”

Davido, invested in the company alongside his manager (Asa Asika) and his lawyer (Bobo Ajudua), making all three now shareholders and board members of Bitsika.

Bitsika

Bitsika is primarily a social payments app (like Venmo and Cash-App) which is focused on the African market. The Bitsika app gives users the freedom to make use of features like wallets, money storage, money transfer, creation of virtual VISA cards, buying and selling of Bitcoin and stable coin, sending money from the US/UK to Ghana/Nigeria, buying airtime for any number in Ghana, and Nigeria, etc.

With this new partnership, it is believed that Bitsika would tap into the the Davido star power and brand as both parties aim to get the app as much as 10 million users and and about $1 billion in transactions over the next two years.

Bitsika which is only about a year old in since its launch last year has processed more than $30 million worth of transactions and currently has over 55,000 registered users of its app.

The company intend to keep expanding its services with the introduction of a merchant API, and more in-app payment tools. The Fintech start-up is also looking at raising their Series A investment round by the end of 2021.

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Random African

Random African loves writing about the African continent. He is consistently in touch with happenings in every part of the continent and derives joy from providing fresh and crisp information for his audience.

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