Bundle
Social payments app for cash and cryptocurrency.
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| - | investor investor investor | €0.0 | round |
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| Total Funding | 000k | ||
Bundle Africa was a social payments application for cash and cryptocurrency, founded in 2019 by Yele Bademosi and Emmanuel Babalola. The platform was designed to facilitate the adoption of cryptocurrency in Africa by allowing users to buy, sell, and store digital assets like Bitcoin, Ether, BUSD, and BNB, as well as send, request, and receive cash. Users could fund their wallets via debit cards, bank transfers, or other cryptocurrencies and then transact with peers, even those not on the platform, using just a phone number.
The company was developed within the Binance ecosystem, with Bademosi being a former director at Binance Labs. His vision was to create a super-app that would serve as a native digital wallet for both crypto and cash, aiming to provide economic freedom and prosperity for all Africans. Before founding Bundle, Bademosi, who studied medicine at King's College London before switching to technology, had already established himself in the African tech scene by founding the angel investment firm Microtraction. Emmanuel Babalola, who had a background as the Director for Binance Africa and held a degree in Computer Science, took over as CEO after Bademosi stepped down in July 2021 to focus on broader crypto adoption initiatives across the continent.
In July 2023, after three years of operation and having reached over 50,000 monthly active users and a monthly transaction volume of $50 million, Bundle Africa announced it would cease its exchange services. The decision was part of a business restructuring to focus on its peer-to-peer payment subsidiary, Cashlink, which facilitates on-ramp and off-ramp services for the Web3 ecosystem. The company directed users to withdraw their funds, marking a significant shift in its business model amid a challenging period for the cryptocurrency industry.
Keywords: crypto payments, digital wallet, Africa, peer-to-peer payments, cryptocurrency exchange, Bitcoin, social payments, financial technology, Web3, Binance, Yele Bademosi, Emmanuel Babalola, Cashlink, crypto adoption, mobile payments, digital currency, Nigerian startup, fintech, BNB, BUSD