Chipper Cash, an Africa-based cross-border fintech startup, has reportedly secured $30 million through its Series B investment round, which was led by Ribbit Capital with participation from Jeff Bezos’ personal VC fund, Bezos Expeditions. This investment round comes less than six months after Chipper Cash raised $13.8 million through its Series A funding round, which was led by Deciens Capital.
As previously reported, 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 account. CEO of Chipper Cash, Ham Serunjogi, shared with TechCrunch that the company has scaled to three million users on its platform and processes an average of 80,000 transactions daily. Serunjogi also revealed to the media outlet.
“We’ll always be a P2P financial transfer platform at our core. But we’ve had demand from our users to offer other value services, like purchasing cryptocurrency assets and making investments in stocks.”
Chipper is currently available in Ghana, Uganda, Kenya, Tanzania, Rwanda, and Nigeria.