Chipper has achieved an important milestone: its first-ever quarter of positive Free Cash Flow. For a typical Silicon Valley startup, this might seem ordinary. However, for an African fintech operating in seven countries with unstable currencies, it’s a remarkable survival story given the tough economic conditions of the past three years.
In a recent update, Co-founder and CEO Ham Serunjogi made it clear that the time of chasing growth at any cost is over. Now, the focus is on becoming a sustainable business.
Picture trying to fill a bucket with water while someone punches holes in the bottom. From 2022 to 2025, the Nigerian Naira, the currency of Chipper’s biggest market, lost over 70% of its value against the US Dollar.
Chipper reports its finances in Dollars but earns revenue in Naira. This creates major issues. For example, even if local revenue grows by 50%, the company could still lose money when converted to Dollars. Most startups would have struggled or failed under this pressure. Many did, but Chipper not only survived; it thrived.
The company’s visual data shows a significant turnaround over the past three years. This chart displays a significant loss, indicating a peak investment phase with a high burn rate, big marketing expenses, and the end of the easy-access venture capital era.
In 2024, the losses began to shrink. This reflects the “disciplined execution” Serunjogi mentioned, likely achieved through cutting costs, renegotiating vendor contracts, and making tough workforce decisions common in the tech industry. Finally, the bar turns green. It’s a small gain, but it’s a positive sign.
What is Free Cash Flow, and Why Does it Matter?
In the startup world, “revenue” can be misleading, but “Free Cash Flow” (FCF) is crucial. FCF is the actual cash a business generates after covering all expenses. It’s the money that can be kept in the bank. For years, African fintechs were judged by “Total Processed Volume,” which measured how much money flowed through their apps.
Now, investors are more cautious. They care about how much cash companies actually keep. By achieving positive FCF, Chipper shows it does not depend on future venture capital to survive. It can now control its own future.
Ham Serunjogi spoke frankly about this journey. “Achieving this as one of Africa’s few scaled fintechs… is hard,” he said, pointing to the challenges created by currency devaluation.
Their strategy focused on becoming more efficient. This likely involved dropping unprofitable products, focusing on higher-margin areas (such as US-to-Africa remittances), and automating operations to cut costs.
Conclusion
Chipper Cash’s success in Q4 2025 is a shining example for the African tech community. It demonstrates that it’s possible to build not just a popular business, but a profitable one, even amid tough economic challenges. As we look forward to 2026, the question for Chipper is no longer about survival. Now, it’s about how big the company can grow.
