Chipper Cash closes $100M Series C to become Africa’s sixth unicorn

Chipper Cash closes $100M Series C to become Africa's sixth unicorn

African fintech startup, Chipper Cash has raised $100 million in a Series C round. The cross-border payments startup becomes Africa’s sixth unicorn in the process, joining the likes of Flutterwave, Interswitch and Jumia.

The Series C round was led by SVB Capital, the investment arm of Silicon Valley Bank. Other participating investors include Deciens Capital, One Way Ventures, Ribbit Capital, 500 Startups, Bezos Expeditions, Tribe Capital, and Brue2 Ventures. 

Chipper Cash’s latest raise comes after it closed a $30 million Series B led by led by Ribbit Capital and Jeff Bezos’ fund, Bezos Expeditions in November 2020. The startup had also raised a $13.8 million Series B last year June following $8.4 million seed funding back in 2019.

Up to $152.2 million has now been raised by Chipper Cash across three rounds in three years.

Chipper Cash was founded in in 2018 by Ugandan, Ham Serunjogi and Ghanaian, Maijid Moujaled. The startup offers mobile-based, no fee, peer-to-peer (P2P) payment services in seven African countries: Ghana, Uganda, Nigeria, Tanzania, Rwanda, South Africa and Kenya.

Co-founders of chippper cash
Co-founders of Chippper Cash

According to TechCrunch, the startup plans to leverage the new Series C funding to introduce more products and expand its workforce by adding up to 100 employees. New products will include US stock offerings for users in Nigeria and Uganda.

We’ve launched cards products in Nigeria and we’ve also launched our crypto product. We’re also launching our US stocks product in Uganda, Nigeria and a few other countries soon

Ham Serunjogi, CEO Chipper Cash
Chipper Cash closes $100M Series C to become Africa's sixth unicorn

The company has now expanded into the United Kingdom, according to CEO, Ham Serunjogi. Chipper Cash says it currently serves up to 4 million users across the continent.

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