A report by Techcrunch revealed that Chipper Cash, one of Africa’s largest fintech companies, recently concluded a Series C extension funding round that raised $150 million.
New investors participate in the last round
According to the report, this latest funding round – led by Sam Bankman-Fried’s FTX – came just six months after fintech startup Chipper Cash was able to raise $100 million in its first Series C funding round.
Besides FTX, other investors who participated in the recent funding round include Chipper Cash SVB Capital, which led Series C. It also reinvested Deciens Capital, Ribbit Capital, Bezos Expeditions, One Way Ventures and Tribe Capital.
The report acknowledges the participation of new investors in the chain. However, it is mentioned that the names of these investors have not yet been announced. It also reveals that after $150 million, Chipper Cash has now raised over $305 million. The company is now valued at more than $2 billion.
The fintech company, which was founded in 2018, by Ham Serunguji, current CEO and Majid Muglad, specializes in cross-border peer-to-peer payments. According to the report, Chipper Cash services are currently used in seven African countries: Ghana, Kenya, Nigeria, Rwanda, South Africa, Tanzania and Uganda.
beat the competition
In the report, Serunjogi is quoted explaining why Chipper Cash beat the competition. He said:
Chipper Cash offers much cheaper transfers than anyone else. More importantly, we are now the first people I honestly know to be able to support Africa for the United States in sending money.
In addition to enabling cheaper payments across borders, Chipper Cash has been busy tapping into the world of social payments, the report notes. The fintech has already partnered with Twitter to launch its own tips feature, also known as Tip Jar, to allow creators to receive money on the platform.
What are your thoughts on Chipper Cash’s recent capital increase? Tell us what you think in the comments section below.
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