Fintech Startup, Chipper Cash, Raises $6m to Aid South African Expansion
Chipper Cash, an Africa focused cross-border money transfer platform, has raised $6 million in a seed funding round led by seed stage focused VC Deciens Capital. The round also had participation from existing investors, 500 Startups and Liquid 2 Ventures as well as new investors like Raptor Group.
This follow up investment for the San-Francisco based Fintech startup bring its total funding raised to about $10 million, having raised $2.3 million earlier in May.
With this funding, Chipper Cash plans to continue to grow its team and move into new areas. And the company has its sight set on South Africa for its next foray, expected to happen in 2020.
Currently in 6 African countries – Ghana, Uganda, Nigeria, Tanzania, Rwanda, and Kenya, the company is a payment platform that offers no-fee cross-border (P2P) mobile payment service.
Founded by Ham Serunjogi and Maijid Moujaled in 2018, the startup has sure had a busy 12 months which has included a series of expansion. It began its operations in Nigeria in September. And it would seem that hard work is paying off for the startup as it boasts of over 600,000 active users and has processed over 3 million transactions so far.
Now with a planned move to South Africa, Chipper Cash will be placed in all three corners of the Africa’s triangle of leading digital finance markets. And the startup is confident that it has what it takes to grow its P2P product in several countries, including Nigeria where the market competition is high and heavily funded.
But the startup is counting on the value it offers users, most especially its free offerings to hold its ground in the race. Hopefully, this model is sustainable enough to drive the startup’s success in Africa.
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