African fintech start-up Chipper Cash has secured $30 Million Series B funding round led by Ribbit Capital with the participation of Bezos Expeditions — the personal venture capital fund of Amazon CEO Jeff Bezos – to expand its products and geographic scope.
Chipper Cash, founded in 2018 by Ugandan Ham Serunjogi and Ghanaian Maijid Moujaled is a financial technology company that builds software to enable free and instant one-on-one, cross-border payments in the African continent and abroad. The company 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 the inclusion of more business payment solutions, cryptocurrency trading options, and investment services. This is the first investment in an African startup for the venture capital 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 the collection of payment for the sale of goods,” says Serunjogi, Chipper Cash’s CEO.
Chipper Cash also plans to use the 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.
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