African Fintech startup, Chipper cash has successfully raised a $100 million series C round and also joins the list of top 10 African Unicorns. Chipper Cash was launched in 2018 by Ham Serunjogi and Maijid Moujaled.
The Series C round was led by SVB Capital, the investment arm of U.S. high-tech commercial bank Silicon Valley Bank and others who participated in this round include existing investors like Deciens Capital, Ribbit Capital, Bezos Expeditions, One Way Ventures, 500 Startups, Tribe Capital, and Brue2 Ventures.
November 2020, Chipper cash raised a $30 million series B round led by Ribbit Capital and Jeff Bezos fund Bezos Expeditions. Up to $152.2 million has now been raised by Chipper Cash across three rounds in three years.
Chipper cash has expanded to various countries in Africa like Ghana, Uganda, Nigeria, Tanzania, Rwanda, South Africa and Kenya including outside Africa like the U.K.
The number of users on Chipper Cash has increased to 4 million, up 33% from last year.
According to Techcrunch; Chipper cash plans to use the new series C round to expand its workforce to 100 employees and also introduce new products like crypto and U.S stocks in Nigeria and Uganda.
Most crypto players have adopted P2P methods but Chipper Cash isn’t offering that yet and according to Serunjogi, the company is “looking forward to any development in Nigeria that allows it to be offered freely again.”
It’s not yet clear if Chipper cash would be able to get users in Nigeria to make use of its crypto platform because of the CBN regulations.