African cross-border fintech startup, Chipper Cash announced that it has raised $30 million in series B funding led by Ribbit Capital and Bezos Expeditions — Amazon CEO Jeff Bezos’ personal VC fund.
This brings total funding secured this year to $43.8 million; having secured $13.8 million in a Series A funding round led by Deciens Capital in June 2020. In total, it has raised $52 million since it started operations.
The company expects to use this new funding for product and geographic expansion. Product wise, it intends to offer more business payment solutions, crypto-currency trading options, and investment services. The additional country expansion will be announced by the end of 2021.
Chipper cash was founded by Ham Serunjogi (Uganda) and Maijid Moujaled (Ghana) in October 2018. It currently operates mobile-based, no fee, P2P payment services in seven African countries including Ghana and Nigeria. The other countries are Uganda, Tanzania, Rwanda, South Africa and Kenya.
It also runs Chipper Checkout — a merchant-focused, fee-based payment product and this is what it uses to generate the revenue to support Chipper Cash’s free mobile-money business.
The company claims it has scaled to 3 million users on its platform and processes an average of 80,000 transactions daily. According to Ham Serunjogi, Chipper Cash reached a monthly payments value of $100 million in June this year.
About this new deal, Ham had this to say, “It’s a big deal when a world class investor like Bezos or Ribbit goes out of their sweet spot to a new area where they previously haven’t done investments.
“Ultimately, the winner of those things happening is the African tech ecosystem overall, as it will bring more investment from firms of that caliber to African startups.” he adds.
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