Chipper Cash, an African cross-border payments company, announced that it has secured $150 million in a Series C extension round after raising $100 million in May 2021. The new funding extension was led by Sam Bankman-Fried’s cryptocurrency exchange platform FTX and joined by other existing investors such as SVB Capital, Deciens Capital, Ribbit Capital, Bezos Expeditions, One Way Ventures and Tribe Capital.
Chipper Cash’s total Series C stands at $250 million and its total funding to date is now over $305 million. With this new funding, CEO Ham Serunjogi confirmed that the company was now valued slightly above $2 billion
Founded by Ham Serunjogi (Uganda) and Maijid Moujaled (Ghana) in October 2018, Chipper Cash offers no-fee, P2P, cross-border mobile-money payments in Africa. It is currently present in seven African countries – Ghana, Uganda, Nigeria, Tanzania, Rwanda, South Africa, Kenya – and two non-African countries, United Kingdom and United States.
This investment in Chipper Cash is FTX’s first investment in Africa and according to Sam Bankman-Fried, “Despite the recent growth in Africa, moving money across the continent is still slow and expensive. Unsurprisingly it is the fastest growing market with grassroots crypto adoption.”
He adds that FTX’s partnership with Chipper Cash is to “make money transfer as simple as a text message and accelerate the adoption of crypto within Africa and beyond.”
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