Africa gets a new FinTech unicorn as Chipper Cash joins the club

Cross-border payments company Chipper Cash has become a FinTech unicorn after a $150m Series C extension round pushed its valuation just above $2bn.

The extended round was led by crypto exchange platform FTX, and follows the company’s earlier Series C where it raised $100m. In the first part of the round, Chipper was backed by Silicon Valley Bank and Jeff Bezos’ Bezos Expeditions amongst other investors.

The company has had strong couple of years funding-wise, after it pulled in $30m in December 2020 and $13.8m in June of the same year. To date, Chipper has raised a total of $305m.

Established in 2017, Chipper Cash builds software to enable free and instant Peer-to-peer Cross-border payments in Africa and Europe; as well as solutions for businesses and merchants to process online and in-store payments.

The company currently operates in Ghana, Nigeria, Kenya, South Africa, Rwanda, Tanzania and Uganda and offers no-fee peer-to-peer cross-border payment services. Chipper Cash claims that it now has four million people as regular users of its services.

Chipper was founded by Ham Serunjogi and Maijid Moujaled, who previously worked in Silicon Valley, with the former working for Facebook and Moujaled working for both Flickr and Yahoo.

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