Technology
World’s Richest Man Jeff Bezos Backed African Fintech Startup, Chipper Cash
The world’s richest man, Jeff Bezos, has invested in an African fintech start-up, Chipper Cash, according to the latest report from Tech Crunch.
Chipper Cash, a startup that helps facilitate money transfer across Africa and beyond, raised a $30 million Series B funding round led by Ribbit Capital with participation from Bezos Expeditions, a personal VC fund of Jeff Bezos, the founder and CEO of Amazon Inc.
Chipper Cash currently has 3 million users on its platform and processes an average of 80,000 transactions per day. The startup operates in the following seven African countries; Ghana, Uganda, Nigeria, Tanzania, Rwanda, South Africa and Kenya.
According to Ham Serunjogi, the Chief Executive Officer, Chipper Cash, the company attained a monthly payments value of $100 million in June 2020.
As part of efforts to grow beyond its current market, Chipper Cash plans to expand its product and geographical reach. In terms of product, the company plans to add cryptocurrency trading options and investment services.
“We’ll always be a P2P financial transfer platform at our core. But we’ve had demand from our users to offer other value services…like purchasing cryptocurrency assets and making investments in stocks,” Serunjogi stated on the phone.
The fintech company recently added beta dropdowns to its website and mobile application to enable customers to buy and sell Bitcoin and even invest in United States stocks from Africa. It partners DriveWealth, a U.S financial services company, to allow stock trading.
“We’ll launch [the stock product] in Nigeria first so Nigerians have the option to buy fractional stocks — Tesla shares, Apple shares or Amazon shares and others — through our app. We’ll expand into other countries thereafter,” said Serunjogi.
On the financial service side, Chipper Cash plans to offer more API payments solutions. “We’ve been getting a lot of requests from people on our P2P platform, who also have business enterprises, to be able to collect payments for sale of goods,” explained Serunjogi.
