Chipper Cash, one of Africa’s leading cross-border payment platforms, has officially reached a historic financial turning point. CEO and Co-Founder Ham Serunjogi announced today that the company achieved its first-ever quarter of positive Free Cash Flow (FCF) in Q4 2025.
The milestone signals a successful pivot for the startup, which has spent the last three years navigating a brutal tech winter and significant macroeconomic volatility across its primary markets.
The achievement is particularly notable given the headwinds facing African fintechs. Serunjogi highlighted that between 2022 and 2025, the Nigerian Naira lost over 70% of its value against the US Dollar. For a company that facilitates billions in cross-border transactions, such a collapse created a massive operational gap that required a radical shift in strategy.
“Achieving this as one of Africa’s few scaled fintechs, with hundreds of employees across the globe, is hard,” Serunjogi said in a LinkedIn post. “This is a direct result of [the team’s] dedication, proving that we can build a durable institution that will serve the continent for decades to come.”
The path to Q4 2025 was marked by significant upheaval. Founded in 2018 by Ham Serunjogi (Uganda) and Maijid Moujaled (Ghana) while they were students in the U.S., Chipper Cash saw a meteoric rise, reaching a $2 billion valuation in 2021. However, the company was hit hard by the subsequent global market downturn and the collapse of key institutional partners.
Chipper Cash was previously backed by FTX, and the collapse of Sam Bankman-Fried’s exchange in late 2022 forced the company to seek new paths for stability. This was followed by the 2023 collapse of Silicon Valley Bank (SVB), where Chipper had significant ties.
To reach this new milestone, Chipper Cash underwent multiple rounds of layoffs over the last 24 months. Serunjogi acknowledged these “difficult decisions,” noting that team restructurings were essential to ensure the company’s long-term viability.
While the company previously focused on aggressive geographical expansion, launching in countries like South Africa, Ghana, Uganda, Rwanda, and even the UK and US, the focus shifted toward optimizing its core corridors and improving unit economics.
Chipper Cash becoming cash-flow positive is seen by analysts as an important sign for African tech. After years of relying on venture funding and heavy spending, the focus is now moving toward building sustainable businesses.
Today, Chipper Cash serves millions of users, offering a suite of products including instant cross-border money transfers, discounted airtime, and stock/crypto trading. By achieving self-sustainability, the company reduces its reliance on external venture capital at a time when funding for African startups remains significantly lower than its 2021 peak.
Serunjogi credited the milestone to “disciplined execution and a relentless focus on efficiency,” expressing gratitude to his global workforce for their efforts in navigating the company through its most challenging era to date.
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