Nigerian crypto platform Bitfxt lands $15m from UK investors, Payitup parent company

Nigerian crypto investment platform Bitfxt has announced that it has raised $15-million from a UK syndicate of hedge funds and UK company, Payitup Clearinghouse.

Payitup Clearinghouse is the parent company of Zimbabwean startup Payitup, which last year raised $13-million from the UK’s Thawer Management Fund (see this story). The startup currently helps consumers make payments for MultiChoice’s DStv service.

Bitfxt made the announcement in a blog post on its website, last Friday (14 February). The startup, which was founded in 2016 by Franklin Peters (pictured above) allows users to buy and sell digital currencies like bitcoin and Ethereum.

In the same post the startup also announced that it had concluded an agreement with the syndicate to extend a $125-million revolving margin facility for its traders to leverage their position for a higher gain.

Bitfxt, which was founded in 2016 by Franklin Peters, allows users to buy and sell digital currencies

It said Payitup Clearinghouse Ltd (UK), will act as a clearinghouse across all the markets in Africa and Europe through its affiliates and networks for immediate settlements.

Peters, who is also the startup’s CEO, said in the post that in the coming months the startup will be working on expanding its infrastructure and launching “some jaw dropping products that will benefit Nigerians and Africans at large”.

“In the last couple of years since our inception, we have always been known to set a tempo which is seemingly impossible to match in terms of blockchain and general ICT services such as the Bitfxt hybrid exchange, the first of its kind cryptocurrency powered ATM cards that can be used anywhere in the world, a global multi utility payment system known as BoundlessPay among others,” the startup said.

It said the funds will help in the development of marking efforts through its subsidiary BoundlessPay as well as development of proprietary infrastructure to complement existing financial networks.

Users of BoundlessPay will have options of settling in US dollars or Naira through the startup’s portal and also earn in US dollars locally.

It’s unclear if the startup is based in Nigeria or the UK. While the startup’s LinkedIn page lists the company’s address as being in London, the startup’s website puts its address as one in Lagos, Nigeria.

Featured image: Bitfxt founder Franklin Peters (Facebook)