African fintech startup Chipper Cash has secured a $30 Million Series B funding round led by Ribbit Capital with participation of Bezos Expeditions — the personal venture capital fund of Amazon CEO Jeff Bezos.
This new funding brings to $43.8 million, the amount the startup has raised in 2020.
Chipper Cash was co-founded by Serunjogi (from Uganda) and Ghanaian Maijid Moujaled, both of whom emigrated to the U.S. to study and work in Silicon Valley. The company enables free and instant one-on-one, cross-border payments in African and abroad. It provides a unique platform for its African customers, to offer instant cross- border mobile money transfers, as easy as sending a text message. Today, Chipper Cash has already notched 3 million users on its platform and processes an average of 80,000 transactions daily.
Jeff Bezos backing of Chipper Cash will widen the company’s product suite through inclusion of more business payment solutions, crypto-currency trading options, and investment services. This is the first investment in an African startup for the venture capitalist fund which has also backed global tech brands such as Uber, Twitter, and AirBnB.
“We are responding to the demand from customers on our P2P platform who also have business enterprises to provide solutions to enable collection of payment for sale of goods,” Says Serunjogi, Chipper Cash’s Chief Executive Officer.
Chipper Cash also plans to use the Sh.3.2Billion funding to grow geographical reach by additional country expansion, of which the company will announce in 2021. Payments on Chipper Cash are currently available in Ghana, Uganda, Kenya, Tanzania, Rwanda, Nigeria, and South Africa.
Fintech continues to be Africa’s highest-funded tech sector, receiving the bulk of an estimated $2 billion in VC that went to startups in 2019. The fintech revolution in Africa has happened in less than a decade, disrupting the modus operandi in the financial services industry whilst availing financial services to those who were hitherto un-banked.