Chipper Cash, an African fintech, has reportedly secured $13.8 million through its Series A funding round, which was led by Deciens Capital.
Founded in 2017, Chipper Cash describes itself as a venture-capital-backed Financial technology company that builds software to enable free and instant Peer-to-peer Cross-border payments in Africa. The company claims to be the first platform of its kind to offer instant cross-border mobile money transfers in Africa. It is as easy as sending a text message.
Users may use Chipper Cash to send and receive money to and from anyone in the fintech’s coverage area for free. The company noted it does not charge any fees at all and there is no minimum amount so the users may send any amount.
“We’re committed to significantly improving access to critical financial services to over one billion people living in Africa.”
Users may also connect several mobile money accounts to their Chipper wallet and use any of them to add money to their Chipper wallet or to remove money from their Chipper wallet back to any of their mobile money accounts. In regards to potential buying or selling merchandise, goods, and services, Chipper added:
“We are going to be introducing a Chipper for Business suite of services that will allow you to use Chipper to pay for goods or services using your Chipper wallet at merchants that accept the Chipper as a payment method or through mobile websites or apps that are approved to offer Chipper as a payment option. If available, the option to pay using Chipper will appear as a Chipper-branded payment button at checkout. When we introduce this service, we will notify all our users and promote it accordingly.”
Chipper is currently available in Ghana, Uganda, Kenya, Tanzania, Rwanda, and Nigeria.