Africa’s fast-growing financial technology (fintech) startup, Chipper Cash, has raised $100million in a Series C funding round, thereby pushing the fast-growing digital financial services provider to Unicorn status in Africa
Led by SVB Capital, the investment arm of U.S. high-tech commercial bank, Silicon Valley Bank, the funding round also featured existing investors, namely Deciens Capital, Ribbit Capital, Bezos Expeditions, One Way Ventures, 500 Startups, Tribe Capital, and Brue2 Ventures.
Chipper Cash, a fintech startup that facilitates cross-border payment across Africa, was founded in 2018 by Ghanaian Maijid Moujaled and Ugandan Ham Serunjogi .
Currently, the company is offering mobile-based, no-fee P2P payment services in seven African countries, namely Ghana, Uganda, Tanzania, Rwanda, Nigeria, South Africa, and Kenya. It recently expanded its financial payment services to the U.K.
In November last year, the startup fintech raised $30 million Series B funding led by Ribbit Capital and Jeff Bezos’ fund -Bezos Expeditions. Earlier in the year, it closed a $13.8 million Series A round from Deciens Capital and other investors.
Available data on its users indicate a growing number, increasing to 4 million, up by 33% when compared with its 2020 users just as its daily average transactions stood at 80,000 in November 2020. Chipper Cash processed $100 million in payments value in June 2020.
This new funding round will be used to introduce more products and grow its team.
Commenting on the fintech’s growing digital financial services traction, the CEO, Ham Serunjogi, said: “We’ve launched card products in Nigeria and we’ve also launched our crypto product. We’re also launching our US stocks product in Uganda, Nigeria, and a few other countries soon.”
Similarly, managing director of SVB Capital Tilli Bannett said: “The VC firms invested in Chipper Cash because it has created an easy and accessible way for people living in Africa to fulfil their financial needs through enhanced products and user experiences.
“As a result, Chipper has had a phenomenal trajectory of consumer adoption and volume through the product. We are excited at the role Chipper has forged for itself in fostering financial inclusion across Africa and the vast potential that still lies ahead”, Bannett added.
Currently, Chipper Cash is valued between $1 billion to $2 billion, thereby joining other billion-dollar companies in Africa such as Jumia, Flutterwave, Interswitch, etc.
According to industry analysis, the only private Unicorn startup in Africa this year up until last week was Flutterwave but with this new valuation, Chipper Cash has attained Unicorn Status.