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In Brief: African Cross-border FinTech startup Chipper Cash Banks US$6M Led by Deciens Capital

Chipper Cash - Founder360

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In Brief: African Cross-border FinTech startup Chipper Cash Banks US$6M Led by Deciens Capital

Chipper Cash, an African cross-border FinTech startup has secured US$6 million extended seed-round led by Deciens Capital.

The San Francisco-based company offers mobile-based, P2P payment services in six countries in Africa. Chipper Cash provides free, interoperable payments in and between Ghana, Kenya, Uganda, Tanzania, Rwanda and Nigeria by allowing customers to link their mobile money accounts to Chipper and make P2P transfers via its mobile app.

Chipper Cash will use the capital to grow its team and move into new geographic areas in the southern part of Africa, according to a report on Techcrunch.

Read: Kenya-based Micro-Insurtech Startup Turaco Closes US$1.2M Seed Investment

Launched by Ghanian Ham Serunjogi and Ugandan Majid Moujalled in 2018, Chipper has averaged 40% month-on-month growth and processed more than over 3 million transactions and 600,000 active users.

In May this year, the company secured US$2.4 million funding in a seed round led by Deciens Capital with participation from 500 Startups and Liquid 2 Ventures bringing its total funding to a little over US$8 million.

The company also runs Chipper Checkout, a merchant-focused C2B mobile payments product.

 

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