- June 10, 2022
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Chipper Cash is a fintech platform that offers mobile, cross-border money transfer services. In November 2020, the African cross-border fintech startup raised $30 million Series B led by Ribbit Capital and Jeff Bezos fund Bezos Expeditions. This was after closing a $13.8 million Series A round from Deciens Capital and other investors in June 2020. Hence, Chipper Cash has gone through three rounds totaling $143.8 million in a year. However, when the $8.4 million raised in two seed rounds back in 2019 is included, this number increases to $152.2 million. Chipper Cash was launched in 2018.
The company, which offers mobile-based, no fee, P2P payment services, was present in seven countries: Ghana, Uganda, Nigeria, Tanzania, Rwanda, South Africa, and Kenya. Now, it has expanded to a new territory outside Africa. “We’ve expanded to the U.K., it’s the first market we’ve expanded to outside Africa,” CEO Serunjogi said to TechCrunch.
In addition and as a sign of growth, the company, which boasts more than 200 employees plans to increase its workforce by hiring 100 staff throughout the year. The number of users on Chipper Cash has increased to 4 million, up 33% from last year. And while the company averaged 80,000 transactions daily in November 2020 and processed $100 million in payments value in June 2020, it is unclear what those figures are now as Serunjogi declined to comment on them, including its revenues.