Chipper Cash, an African cross-border FinTech startup has secured a US$30 million Series B funding round led by Ribbit Capital with the participation of Bezos Expeditions — the personal VC fund of Amazon CEO Jeff Bezos.
Founded in 2018 by Ugandan Ham Serunjogi and Ghanaian Maijid Moujaled, Chipper Cash provides free, interoperable payments in and between Ghana, Kenya, Uganda, Tanzania, Rwanda, Nigeria and South Africa by allowing customers to link their mobile money accounts to Chipper and make P2P transfers via its mobile app.
The startup also runs Chipper Checkout, a merchant-focused, fee-based payment product that generates the revenue to support Chipper Cash’s free mobile-money business.
Chipper Cash will use the capital to expand its products including offering more business payment solutions, cryptocurrency trading options, and investment services and additional country expansion that they will make public by end of 2021.
“We’ll always be a P2P financial transfer platform at our core. But we’ve had demand from our users to offer other value services…like purchasing cryptocurrency assets and making investments in stocks,” Serunjogi told TechCrunch.
Bezos Expeditions investment in Chipper Cash marks the fund first investment in Africa.
To date, Chipper Cash has grown to 3 million users on its platform and processes an average of 80,000 transactions daily reaching the value of a monthly payment of US$100 million, according to CEO Ham Serunjogi.
Image Credits: Chipper Cash