Chipper Cash Raises $150M Series C Extension Round From Crypto Company And Values At $2B
Nov. 3, 2021, 10:34 a.m.
Chipper Cash, a P2P cross-border payment service platform, has secured $150 million in a Series C extension round, valuing the company at $2billion.
Sam Bankman-Fried, owner of cryptocurrency exchange platform FTX led the series C extension round.
The investment comes barely six months after Chipper Cash closed its first Series C round of $100 million, led by SVB Capital, the corporate venture capital arm of SVB Financial Group.
SVB Capital reinvested in this extension round and other existing investors such as Deciens Capital, Ribbit Capital, Bezos Expeditions, One Way Ventures, and Tribe Capital. New investors also participated in this round, and now, the startup’s total Series C stands at $250 million.
Founded by Ugandan Ham Serunjogi and Ghanaian Maijid Moujaled in 2018, Chipper Cash is a cross-border payments app, where over 4 million people send and receive money in and between Nigeria, Kenya, South Africa, Ghana, Uganda, Tanzania, and Rwanda.
Chipper Cash is FTX’s first investment in Africa. 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.”
Another instance where the partnership proves beneficial is with Chipper Cash’s Network API. It fundamentally allows developers to leverage the company’s infrastructure to collect and disburse payments into Chipper wallets. In essence, Africans who use FTX will have the option to “Pay with Chipper Cash” on the crypto trading platform.
Submit your news stories, articles or press releases to editor@digitaltimes.africa
Or
“That’s going to be a compelling use case for both of our companies as we keep scaling and as FTX keeps scaling their geographical coverage. They do some of the most innovative work in the crypto space, so working with them is going to be quite exciting,” Serunjogi said.
Earlier this year, Chipper Cash became the fastest and only licensed fintech company to give out US fractional stocks in Uganda. The company also rolled out its services in the USA. For the first time, Africans could transfer money to the USA for free or at no extra charge, and users in the USA could also transact in-country and overseas businesses using the Chipper Cash platform.
The fintech company again ventured into social payments by partnering with Twitter to offer payment for the social media platform’s Tip Jar feature for African users.
tag: Funding, Startup, Chipper Cash, Fintech,
Verny Joy Author
Verny loves to write poetry, fiction and quotes. Her love for writing landed her in journalism. She loves gadgets and travelling to explore new places.