Chipper Cash, a pan-African financial business, has been valued at over $2 billion following a $150 million C Series expansion deal announced early November 2021. The additional funding follows a $100 million Series C round in June of this year.
According to Business Insider Africa, FXT, a renowned cryptocurrency exchange platform founded by American entrepreneur Sam Bankman-Fried, led the expanded investment round. In addition, existing investors (such as SVB Capital, Ribbit Capital, Bezos Expeditions, and others) also took part.
Chipper Cash, founded in 2018 in the United States by two African entrepreneurs, Ham Serunjogi and Maijid Moujaled, specializes in facilitating cross-border payments across Africa. It offers services in seven significant Sub-Saharan African nations, including Nigeria, Kenya, Uganda, Tanzania, and South Africa.
According to figures provided by Chipper Cash, the site currently has more than four million active users. In addition, the fintech business has been growing beyond Africa as part of its expansion strategy, intending to ease worldwide remittances to the region. It had previously expanded to the United Kingdom in May 2021. Chipper Cash also revealed that it had begun full-scale operations in the United States. Burnaboy was also named as the company’s global ambassador.
“Burna Boy is a worldwide artist who has been instrumental in unlocking the potential of Africa’s interconnected economy.” We can collectively empower and facilitate frictionless payments that fuel trade, commerce, and culture on iOS, Android, and the Twitter Tips with Chipper,” Ham said in a press release given to BI Africa.
Chipper Cash joins a lengthy list of companies (WorldRemit and Sendwave) who have already entered the remittance sector. Chipper Cash recognizes the competitive nature of the market, which is likely why it chose to give free remittances to Nigeria, the country with the highest yearly remittances to Sub-Saharan Africa.
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