Chipper Cash, an African cross-border FinTech startup has secured a US$100 million Series C funding round.
The round was led by SVB Capital, the investment arm of U.S. high-tech commercial bank Silicon Valley Bank. Others who participated in this round include existing investors – Deciens Capital, Ribbit Capital, Bezos Expeditions, One Way Ventures, 500 Startups, Tribe Capital, and Brue2 Ventures.
This comes approximately 6 months after raising 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 company has now expanded to the U.K., it’s the first market outside Africa.
Chipper Cash will use the capital to expand its products including offering US stocks product in Uganda, Nigeria and a few other countries soon, expand its cryptocurrency trading options and increase its workforce by hiring more staff throughout the year.
To date, the number of users on Chipper Cash has increased to 4 million, and the company now averages 80,000 transactions daily while processing US$100 million in payments value.