Chipper Cash

US-headquartered fintech startup Chipper Cash, which facilitates cross-border payment across Africa, closed a US$ 100M Series C round on 31 May 2021.

Investors: The Series C round was led by SVB Capital. Other participants included existing investors, Deciens Capital, Ribbit Capital, Bezos Expeditions, One Way Ventures, 500 Startups, Tribe Capital and Brue2 Ventures. 

In November 2020, Chipper Cash raised US$ 30M in a Series B round led by Ribbit Capital and Jeff Bezos fund Bezons Expeditions. In June 2020, they had raised US$ 13.8M Series A round from Deciens Capital and other investors.

About Chipper Cash

Chipper

Founded in 2018 by Ham Serunjogi and Maijid Moujaled, Chipper Cash is a fintech company that features a software application platform that allows free instant cross-border mobile money transfers in Africa, making the process as easy as sending a text message. The company is headquartered in San Francisco, California. The founders of Chipper Cash met in Iowa after coming to the U.S. for studies. After working at big names like Facebook, Flickr and Yahoo!, the founders decided to build their own startup.

Products and Services offered:

Payments –

·   Send and receive cash

·   Virtual VISA Cards

Investing –

·   Investing in Crypto

·   Investing in Stocks

Business –

·   Network API

·   Chipper Checkout

Chipper Cash offers mobile-based, no fee, P2P payment services, It is currently live in eight countries: Ghana, Uganda, Nigeria, Tanzania, Rwanda, South Africa and Kenya and U.K, which is also the first market they have expanded to outside Africa.

The startup has more than 200 employees and plans to increase its workforce by hiring 100 staff throughout the year. It claims that the number of users on Chipper Cash has risen to 4 million, up 33% from last year.

What the CEO has to say: “We’ve launched cards products in Nigeria and we’ve also launched our crypto product. We’re also launching our US stocks product in Uganda, Nigeria and a few other countries soon. Our approach to growing products and adding products is based on what our users find valuable. As you can imagine, crypto is one technology that has been widely adopted in Africa and many emerging markets. So, we want to give them the power to access crypto and to be able to buy, hold, and sell crypto whenever.” — Ham Serunjogi, CEO of Chipper Cash.

What the investors have to say: “We invested in Chipper Cash because it has created an easy and accessible way for people living in Africa to fulfil their financial needs through enhanced products and user experiences. As a result, Chipper has had a phenomenal trajectory of consumer adoption and volume through the product. We are excited at the role Chipper has forged for itself in fostering financial inclusion across Africa and the vast potential that still lies ahead.” — Managing director of SVB Capital Tilli Bannett.

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