Chipper Cash Raises $150M Months After Raising $100M

Chipper Cash, an African cross-border payments company raised $150 million in a fresh Series C round which was led by the cryptocurrency exchange platform FTX.

Chipper Cash closed its first Series C round just six months ago, the $100M round was led by SVB Capital, the corporate venture capital arm of SVB Financial Group. Existing investors such as Deciens Capital, Ribbit Capital, Bezos Expeditions, One Way Ventures, and Tribe Capital also participated in the round. The company’s total Series C investment, therefore, stands at $250 Million.

“The Investment is a crucial repricing event for the company and gives it a strong balance sheet to continue scaling and to maintain our lead in the space” were the comments of Ham Serunjogi the CEO of Chipper Cash.

Sam Bankman-Fried the CEO of FTX said “FTX partnership with Chipper cash is to make money transfer as simple as a text message and accelerate the adoption of crypto within Africa and beyond.”

Chipper Cash is one of six Unicorns in Africa as it has a valuation of more than a Billion Dollars, the other unicorns being Interswitch, Flutterwave, Jumia, Fawry and OPay. Recall that Investors King reported on Chipper Cash $30 Million Series B raise with participation from Bezos Expeditions, a personal VC fund of Jeff Bezos, the founder, and CEO of Amazon Inc in 2019.

Chipper Cash was founded in 2018 by Ugandan, Ham Serunjogi, and Ghanaian, Maijid Moujaled. The company offers mobile-based, zero-fee, peer-to-peer (P2P) payment services in seven African countries: Ghana, Uganda, Nigeria, Tanzania, Rwanda, South Africa, and Kenya.  This year, the company began to expand beyond the continent. It extended to the United Kingdom in May, letting users send money from the European country to Chipper cash’s African marketplaces.

Chipper cash competes with platforms such as Wise, MoneyGram, Sendwave, and Remitly for international remittances into Africa.