Jeff Bezos backed African fintech startup Chipper Cash raises $30 Million

African startup, Chipper Cash raises $30 million in Series B funding round. It was led by Ribbit Capital, supported by Bezos Expeditions.

By · Nov 23, 2020 . 5min read

Chipper Cash raises $30 Million latest news

African fintech startup, Chipper Cash raises $30 million in Series B funding round led by Ribbit Capital with the participation of Bezos Expeditions. Bezos Expedition is the personal venture capital fund of Amazon CEO Jeff Bezos. Chipper Cash came into existence in San Francisco in 2018 by Ghanaian Maijid Moujaled and Ugandan Ham Serunjogi. The company provides no fee, mobile-based, P2P payment services in seven nations. It involves Ghana, Nigeria, Uganda, Tanzania, Rwanda, South Africa, and Kenya. 

The African startup also operates Chipper Checkout. It is a merchant-focused, fee-based payment product that creates the resources to assist Chipper Cash’s mobile-money business. Moreover, the company has over 3 million users on its platform and processes an average of 80,000 transactions daily. In June 2020, Chipper Cash reached the milestone of the monthly payment of $100 million, according to CEO Ham Serunjogi.

Chipper Cash to expand into crypto trading via Series B funding round.

As Chipper Cash raises $30 million as part of the Series B funding, the startup intends to develop its products and geographic scope. On the product side, it aims into providing more business payment solutions, cryptocurrency trading options, and investment services. Moreover, Chipper Cash has appended beta dropdowns on its website as well as an app to purchase and trade Bitcoin and fund in U.S. stocks from Africa via a collaboration with U.S. financial services company DriveWealth.

However, the stock product will commence in Nigeria first and then extend to other countries. Moreover, Nigerians will hold the alternative to purchase fractional stocks like Tesla shares, Apple shares, or Amazon shares and others via the app. Moreover, Chipper Cash also intends to utilize its Series B financing for further country expansion, which the company will declare by the end of 2021. Earlier, the African startup raised a Series A round of $13.8 million. This comes after the fintech startup raised a seed round of $6 million six months ago. It was led by Deciens Capital, the lead investor of the previous round.

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