This move is coming after the African payment platform raised a seed round of $6 million in December 2019 to expand into the Southern African market. In May of the same year, it also raised $2.4 million from 500 Startups and Liquid 2 Ventures.
Since it began operations in 2018, the company has a presence in the Eastern and Western African markets which include Ghana, Kenya, Uganda, Rwanda, Tanzania, and Nigeria.
The San Francisco based startup founded by Ham Serunjogi and Maijid Moujaled disclosed that the company will use the latest round to hire up to 30 people across operations in San Francisco, Lagos, London, Nairobi and New York.
Dan Kimmerling, Deciens Capital founder confirmed the fund’s lead on the investment and review of Chipper Cash’s payment value and volume metrics.
In the last few weeks, there have been numerous protests offline and online about ‘Black Lives Matter’ in the U.S following the death of an African American, George Floyd who was murdered by a Minneapolis police officer.
To support the ‘Black Lives Matter’ course, Chipper Cash divulged a corporate social responsibility component to its business as it formed the Chipper Fund for Black Lives.
“We’ve been huge beneficiaries of the generosity and openness of this country and its entrepreneurial spirit. But growing up in Africa, we were able to navigate [the U.S.] without the traumas and baggage our African American friends have gone through living in America,” co-founder Ham Serunjogi stated.
Taking into consideration that the startup is expanding its reach into other African markets and it keeps raising funds at almost every quarter, it will be interesting to see the impact of the investment in the fintech industry.
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