Africa FinTech company, Chipper Cash has been reported to be the leading and Africa's most valuable FinTech company after SVB Capital, an investment arm of U.S. high-tech commercial bank, Silicon Valley Bank invested in the company and this has helped the startup raise $100 million in a Series C round.
Chipper Cash, which was founded in 2018 by Ugandan Ham Serunjogi and Ghanaian Maijid Moujaled, is a fintech startup that facilitates free cross-border payment across Africa especially, Ghana, Uganda, Nigeria, Tanzania, Rwanda, South Africa, and Kenya. attracted the interest of SVB Capital, Deciens Capital, Ribbit Capital, Bezos Expeditions, One Way Ventures, 500 Startups, Tribe Capital, and Brue2 Ventures. With this feat, the startup has now expanded to a new market outside Africa, the U.K.
One of the reasons investors are aligning with the company with over 200 employees is because the number of users has increased to 4 million, up 33% from last year. Chipper Cash also averaged 80,000 transactions daily in November 2020 and processed $100 million in payments value in June 2020.
According to the CEO of Chipper Cash, Ham Serunjogi, “We’ve launched card products in Nigeria and we’ve also launched our crypto product. We’re also launching our US stocks product in Uganda, Nigeria, and a few other countries soon.”
Chipper Cash is currently valued between $1 billion to $2 billion joining billion-dollar companies in Africa like Flutterwave, Jumia, Interswitch, etc. Up until last week, the only private Unicorn startup in Africa this year was Flutterwave. With this new valuation, Chipper Cash has attained Unicorn Status.
The managing director of SVB Capital Tilli Bannett said, “The VC firms invested in Chipper Cash because it has created an easy and accessible way for people living in Africa to fulfil their financial needs through enhanced products and user experiences. As a result, Chipper has had a phenomenal trajectory of consumer adoption and volume through the product. We are excited at the role Chipper has forged for itself in fostering financial inclusion across Africa and the vast potential that still lies ahead.”