Chipper Cash raised a $150 million dollar investment
Chipper Cash, a Pan-African cross-border payments company, announced recently that it raised a $150 million investment. The investment led by cryptocurrency exchange platform FTX, was a Series C extension round. This as allow the company to reach a valuation of $2 billion.
However, the Series C funding also encountered support from some other investors. This includes SVB Capital, Deciens Capital, Ribbit Capital, Bezos Expeditions, One Way Ventures and Tribe Capital. Although this, the names of the new investors were not disclosed. At the same occasion, the startup announced that it closed the 100 million-dollar Series C financing round 6 months ago. This has led to the reception a total investment amounted of 250 million dollars with this extension, making a 305 million dollars of investment so far.
From Facebook and Yahoo to Chipper Cash…
In fact, the initiative was founded in 2018 by Ham Serunjogi and Maijid Moujaled. The idea of the two entrepreneurs was to offer a free cross-border payment service in Africa. After experiencing carriers in famous companies such as Facebook, Flickr and Yahoo, the duo decided to continue in the field of entrepreneurship. Their company is currently working with a team of 200 people. Until now, its mobile application is being used in seven African countries, namely Ghana, Uganda, Nigeria, Tanzania, Rwanda, South Africa and Kenya.
The company is seeking for a foreign market
Likewise, its started making strides outside of the African continent this year as well. It is planning to expand its activities to the UK in May, allowing people to send Chipper Cash from the European country to African markets.
Last month, it announced that it was having more than four million users. It emphasized that it was very expensive to transfer money to sub-Saharan Africa. Later on, it added that it was even the most expensive region to send money globally. Therefore they said that Chipper Cash aims to offer the best prices and at the same time facilitate the movement of money from Africa to the USA.
It is worth reminding that the number of Chipper Cash’s users increased by 33% compared to last year, reaching 4 million. Although it has more than 200 employees, the company plans to increase its workforce by employing 100 personnel throughout the year.
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