# BlockAfranew

Startup profile on Capital Atlas: https://capitalatlas.ai/startups/blockafranew

- Industry: Financial Services
- Headquarters: Accra, Ghana
- Website: www.bitsika.africa
- Total disclosed funding: $15M
- Latest round: Seed (Dec 12, 2019)
- Investors on record: 2

## About

BlockAfranew, Inc. is a digital payment platform focused on facilitating seamless financial transactions across Africa, providing users with essential tools for mobile money transfers and currency exchange in a rapidly evolving market.Founded in 2018 and headquartered in Accra, Ghana, BlockAfranew, Inc. operates as a digital financial services company that enables seamless transactions across the continent. The company has undergone strategic pivots to enhance its product offerings, targeting markets in West Africa, particularly Ghana and Nigeria. The firm was co-founded by Atsu Davoh and Samuel Boahen, with Atsu Davoh serving as the CEO. Since its inception, the company has successfully raised a total of USD 15.00 mn in funding, including a SEED round of USD 15.00 mn from investor Microtraction, finalized on December 12, 2019, following three total deals.BlockAfranew, Inc. primarily offers a digital payment platform designed to facilitate seamless transactions across the African continent. The company's core product enables users to conduct mobile money transfers, pay for goods and services, and exchange currencies effortlessly. This platform aims to address common financial challenges, such as accessibility and speed of transactions, particularly in regions with limited banking infrastructure. By providing an intuitive interface, BlockAfranew serves a diverse client base, including individual consumers, small businesses, and larger enterprises, who require reliable and efficient financial solutions. The services are tailored to cater to markets across West Africa, particularly countries like Ghana and Nigeria, where mobile payment adoption is rapidly growing.BlockAfranew, Inc. generates revenue through a transaction-based model, where users incur fees on each transfer or transaction completed through its platform. This structure allows individual consumers and businesses to utilize the service for various payment needs, including remittances and direct purchases. Users may engage with the platform to send money to friends or pay for products from local merchants, with the platform processing these transactions efficiently. The firm may also establish partnerships with retailers and service providers, enabling them to integrate the payment solution directly into their operations. BlockAfranew's revenue is largely driven by transactional fees associated with its digital payment offerings.BlockAfranew, Inc. is actively pursuing new product developments aimed at enhancing its digital payment capabilities, with plans for launches in the upcoming year. The company is also focusing on expanding its services into additional West African markets, specifically targeting regions in Nigeria and Ivory Coast by 2025. The recent funding of USD 15.00 mn from the SEED round will be utilized to support these initiatives, allowing the firm to enhance product features, expand its operational capacity, and strengthen market reach.

## Funding rounds

- Seed, Dec 12, 2019, $15M — Microtraction
- Seed, Apr 26, 2019, $0.1M — YZi Labs

## Investors

- YZi Labs (https://capitalatlas.ai/funds/yzi-labs) — Seed
- Microtraction (https://capitalatlas.ai/funds/microtraction) — Seed