Chipper Cash in Africa gets $2B Valuation

Chipper Cash Africa

Chipper Cash Africa


Chipper Cash, an African cross-border payments company, has raised $150 million in a Series C extension round led by Sam Bankman-Fried’s cryptocurrency exchange platform FTX.

The investment comes barely six months after Chipper Cash closed its first Series C round of $100 million, led by SVB Capital, the corporate venture capital arm of SVB Financial Group.

SVB Capital reinvested in this extension round and other existing investors such as Deciens Capital, Ribbit Capital, Bezos Expeditions, One Way Ventures and Tribe Capital.

While new investors also participated, they remain unnamed at the moment. The company’s total Series C stands at $250 million but its total funding to date is over $305 million.

During TechCrunch’s last conversation with CEO Ham Serunjogi, when the company announced its Series C round, he called Chipper Cash “the most valuable private startup in Africa” without specifics on the actual value.


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The statement was left open for interpretation and several debates have sparked since then on whether Chpper Cash is a unicorn or not. Well, Serunjogi can confirm that Chipper Cash is indeed one now, as this extension round takes its valuation slightly above $2 billion.

Serunjogi founded Chipper Cash with Maijid Moujaled in 2018 to offer a no-fee peer-to-peer cross-border payment service in Africa via its app. Its services are used across seven African countries — Ghana, Uganda, Nigeria, Tanzania, Rwanda, South Africa and Kenya.

Last month, Chipper Cash, with over four million users, ventured into the already competitive U.S. to Africa corridor with established players such as Wise, MoneyGram, Sendwave and Remitly; the U.S. is responsible for almost 30% of the international remittances to sub-Saharan Africa.

Though the margins for remittances are small, the market has grown exponentially for the better part of the past decade, except last year when total remittances stood at $42 billion, down from $48 billion in 2020, per the World Bank.

FULL STORY


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