Meet the Venture Capital Executive Who Launched Africa's Cryptocurrency Version of Venmo
Photo Credit: Yele Bademosi

Meet the Venture Capital Executive Who Launched Africa's Cryptocurrency Version of Venmo

Yele Bademosi is dedicated to giving back to Africa. Now, with his new venture as CEO and founder of Bundle, the Nigerian born executive hopes to help unbanked citizens of Africa.

Bundle is a social payments app similar to Venmo, Forbes reports. Prior to launching the financial platform last week, he quietly raised nearly half a million dollars back in September 2019 from Binance, Pave Investments, and other African investors. Bundle is one of six African startups Binance is funding to promote the use of cryptocurrency across the continent.

“Regardless of your geography, you should have access to the best financial services. And unfortunately, your geography today defines the quality of financial services that you have,” Bademosi told Forbes.

Users will be able to send, receive and spend bitcoin, Nigerian naira, and ether, as well as the parent company’s native exchange, Binance coin.

After giving a passionate pitch about the change Binance could create in Africa, Bademosi became the first director at Binance Labs focused solely on Africa-based blockchain startups and incubation programs.

Today, the exchange has invested in startups from South Africa, Kenya, Ghana, and three from Nigeria. While they are leading the way in the growing crypto economy, they are also met with fierce competitors, including Facebook’s Libra and Akon’s Akoin project.

Screenshot via Bundle Africa

Currently, Bundle is free for app users. Plans, however, will eventually charge 0.5 percent to 3 percent per transaction on a percentage scale depending on trades. Ultimately, Bademosi aims to give Africans financial freedom.

“The same way the internet created freedom of information, I think blockchains create freedom of quality of financial services.”