Chipper Cash, an African cross-border payments company, has secured $150 million in a Series C extension round valuing the company at $2billion
The round was led by Sam Bankman-Fried’s cryptocurrency exchange platform FTX. SVB Capital, as well as other previous investors such as Deciens Capital, Ribbit Capital, Bezos Expeditions, One Way Ventures, and Tribe Capital, reinvested in this extension round.
The investment comes only six months after Chipper Cash raised $100 million in its first Series C round. The company’s entire Series C capital is $250 million, but it has raised more than $305 million to date.
What Chipper Cash does
Ham Serunjogi and Maijid Moujaled founded Chipper Cash in 2018 to provide a no-fee peer-to-peer cross-border payment service in Africa via their app. Ghana, Uganda, Nigeria, Tanzania, Rwanda, South Africa, and Kenya are among the countries that use its services.
This year, the company began to expand beyond the continent. It extended to the United Kingdom in May, letting users send money from the European country to Chipper Cash’s African marketplaces.
Chipper Cash’s strategy is to provide the “best pricing” while simultaneously facilitating money transfers from Africa to the United States.
According to Serunjogi, peer-to-peer money transfers from the United States to Nigeria and Uganda are now available to customers in those countries. Before the end of the year, the service will be available to customers in Ghana, South Africa, and Kenya.
What you should know
Twitter released its Tips feature, also known as Tip Jar, earlier this year to allow creators to earn money on the platform. To make it available in diverse locations, the social media giant partnered with several payment platforms. Chipper Cash was chosen to provide the service through its payment link to African creators.
Chipper Cash is FTX’s first African investment. Africans who utilize the FTX crypto trading platform will be able to “Pay with Chipper Cash.” on the crypto trading platform.
Chipper Cash joins the list of unicorns in Africa, which includes Flutterwave, Opay, and Wave, with this new valuation. Africa currently has six unicorns.