Chipper Cash, one of Africa’s largest fintechs, recently completed a $150 million Series C extension funding round, according to a Techcrunch report.
The most recent round has attracted new investors.
According to the report, this latest funding round, led by Sam Bankman-FTX, Fried’s comes just six months after the fintech startup Chipper Cash raised $100 million in its first Series C funding round.
Other investors who participated in Chipper Cash’s latest funding round, in addition to FTX, include SVB Capital, which led the first Series C. Deciens Capital, Ribbit Capital, Bezos Expeditions, One Way Ventures, and Tribe Capital also reinvested.
According to the report, new investors took part in this series. However, it is stated that the names of these investors have not yet been made public. It also reveals that Chipper Cash has now raised more than $305 million since the $150 million haul. The company is now worth more than $2 billion.
The fintech, founded in 2018 by current CEO Ham Serunjogi and Maijid Moujaled, specializes in peer-to-peer, cross-border payments. Chipper Cash services are currently used in seven African countries, according to the report: Ghana, Kenya, Nigeria, Rwanda, South Africa, Tanzania, and Uganda.
Surviving the Competition
Serunjogi is quoted in the report as explaining why Chipper Cash is outperforming the competition. He stated:
Chipper Cash provides remittances at a significantly lower cost than competitors. More importantly, we are now the first in my knowledge to be able to support Africa by sending money to the United States.
According to the report, Chipper Cash has been busy expanding into the world of social payments in addition to enabling cheaper cross-border payments. Already, the fintech has collaborated with Twitter to launch its tips feature, dubbed Tip Jar, which allows creators to receive money on the platform.