There is a new unicorn in town and its Chipper cash! In a recent Series C funding round, Chipper Cash has attained unicorn status after closing the Series with $100 million.
Chipper Cash is one of Africa’s startups that facilitate cross-border payments within the continent. Africa is indeed a continent filled with golden opportunities and many startups are proof to this. Investors are pushing to be a part of African startups that offer solutions ranging from payments and lending, to remittances and cross-border transfers, etc. Chipper Cash is one of the leading solutions that tackle the challenges of cross-border payments in Africa. The platform is not only very efficient and fast, it eradicates the outrageous rates and difficulties that arise from regulations and what have you.
Chipper Cash is only about three years old and already has reached the impressive and enviable status of unicorn. In June of 2020, the company closed its Series A round with $13.8 million. The round was led by Deciens Capital. In November of the same year, the company raised $30 million in a Series B round led by Ribbit Capital and Jeff Bezos-funded Bezos Expeditions.
The just concluded Series C round was led by SVB Capital – the investment arm of U.S. high-tech commercial bank Silicon Valley Bank. Deciens Capital, Ribbit Capital, Bezos Expeditions, One Way Ventures, 500 Startups, Tribe Capital and Brue2 Ventures also participated in the Series C round.
The company plans on introducing more products and expanding its team with the new fund. The company, founded in 2018 by Ham Serunjohi and Majid Moujaled has already expanded outside of Africa to the U.K. This is its first market outside of Africa and there are reasons to believe that it wouldn’t be its only market outside of Africa.
The company also has plans of hiring more staff and has decided on hiring 100 people throughout the year. Chipper has seen an increase in users by 33 percent from last year.