Chipper Cash, a mobile cross-border money transfer platform focused on African markets has raised $30m in a Series B funding round led by Ribbit Capital with participation from Bezos Expeditions — Amazon CEO Jeff Bezos’ personal VC fund.
Founded by Ham Serunjogi and Maijid Moujaled in 2018, the San Francisco based startup offers mobile-based, no fee, P2P payment service in the Eastern and Western African markets which include Ghana, Kenya, Uganda, Rwanda, Tanzania, and Nigeria.
I’m thrilled to announce our $30M Series B round – but particularly excited to have @RibbitCapital and @JeffBezos join us on this journey as we continue executing on our vision for @chippercashapp – https://t.co/3tVrqCvPhh
— Ham Serunjogi (@HSerunjogi) November 19, 2020
In December 2019, the African payment platform raised a seed round of $6 million to expand into the Southern African market. While in May of the same year, it raised $2.4 million from 500 Startups and Liquid 2 Ventures. This year June, Chipper Cash raised $13.8m Series A in a round led by Deciens Capital. The new funding brings the company’s total investment to $52.2m.
Recently, Chipper Cash added a feature that allows users with a Chipper Cash account to buy and sell bitcoin across Africa on its app. The company mentioned that users can buy bitcoin using currencies which include Nigerian Naira, South African Rand and Ugandan Shillings. Additionally, the company offers merchant-focused service with Chipper Checkout. According to Chipper Cash, the platform enables local and cross-border payments for businesses at any size.
With the new investment, the company noted that it plans to expand into offering more business payment solutions, cryptocurrency trading options, and investment services.
Commenting on the investment service, the CEO, Ham Serunjogi mentioned that the stock product will first be launched in Nigeria before it will be expanded to other countries. This will give Nigerians the option to buy fractional stocks — Tesla shares, Apple shares or Amazon shares and others — through their app.
Regarding the new funding, he told TechCrunch that:
“It’s a big deal when a world-class investor like Bezos or Ribbit goes out of their sweet spot to a new area where they previously haven’t done investments. Ultimately, the winner of those things happening is the African tech ecosystem overall, as it will bring more investment from firms of that calibre to African startups.”
Since its launch, the company says it has 3 million users to date while processing an average of 80,000 transactions daily.
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