Chipper Cash Secures $100 Million in Series C Funding

Chipper Cash, a cross-border payments startup operating across Africa, has secured $100 million in a Series C funding round. The round was led by SVB Capital, the investment arm of Silicon Valley Bank, with participation from existing investors including Deciens Capital, Ribbit Capital, and Jeff Bezos’ personal venture capital fund, Bezos Expeditions.

This latest investment brings Chipper Cash’s total funding to over $150 million, positioning the company as a key player in Africa’s rapidly growing fintech sector. The funds will be used to expand its product offerings, which now include cryptocurrency trading, and to scale its operations across the continent.

Founded in 2018 by Ugandan Ham Serunjogi and Ghanaian Maijid Moujaled, Chipper Cash allows users to send and receive money across Africa, enabling fast and free peer-to-peer (P2P) payments. The platform supports millions of users across multiple African countries, including Ghana, Uganda, Nigeria, and South Africa.

In a statement, Chipper Cash CEO Ham Serunjogi expressed excitement over the new funding. “This investment will allow us to accelerate our mission of providing accessible financial services to millions of people across Africa. We will continue to improve our payments platform while introducing new products to meet the needs of our users,” Serunjogi said.

Chipper Cash has already made significant strides in the African fintech space, processing over 4 million transactions per month by the end of 2020. The startup has also recently added cryptocurrency trading to its platform, giving users the ability to buy, sell, and transfer Bitcoin and other digital assets across borders.

The Series C funding round comes at a time when Africa’s fintech industry is seeing unprecedented growth. Chipper Cash’s services cater to the continent’s need for affordable and reliable financial solutions, particularly in regions with limited access to traditional banking services. The company plans to use the new funding to scale operations, expand into new markets, and develop additional financial products.

This latest milestone places Chipper Cash among the leading fintech startups in Africa, with the company set to play a critical role in the evolution of the continent’s financial ecosystem.