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Bezos Expeditions invests again as Chipper Cash raises $100 million in Series C round

Bezos Expeditions invests again as Chipper Cash raises $100 million in Series C round
July 16, 2021 ObadeYemi

Barely seven months after a $30 million funding spherical by which Jeff Bezos participated, Chipper Money has raised $100 million in a Sequence C spherical.

The spherical used to be led by SVB Capital, a US company investing in an Africa-centered startup for the first time. New Chipper Money investors love Deciens Capital, Ribbit Capital, Bezos Expeditions and 500 Startups participated. One Device Ventures, Tribe Capital, and Brue2 Ventures also joined the spherical. 

Chipper Money enables people to switch money at zero costs between African countries. It also gives Chipper Checkout, a paid provider for corporations to receive payments by sharing fee links with customers or integrating a button on a internet put or app. 

Sooner than now, the startup used to be existing in Kenya, Ghana, Nigeria, Rwanda, South Africa, Tanzania and Uganda. However Ham Serunjogi, co-founder and CEO, urged TechCrunch they like now made their companies and products readily available in the UK.

This growth comes on the heels of a 33% raise in users – from 3 million in November 2020 to 4 million currently. Within this period, the firm launched fresh factors to its app including digital VISA playing cards for on-line shopping in Nigeria and crypto transactions in South Africa and Uganda. 

“We’re also launching our US shares product in Uganda, Nigeria and a few other countries soon,” Serunjogi mentioned.

This Sequence C marks a shiny wanting upward thrust for a 3-year-ragged startup. It used to be founded in 2018 by Serunjogi, a Ugandan, and Maijid Moujaled, a Ghanaian. Three years later, the pair has suggested the firm to the pinnacle bracket of fintech startups on the continent, not lower than in terms of the quantity of endeavor capital raised. 

chipper_cash_funding_series_c
Boluwatife Sanwo/TC Insights

Since Could 2019 when they raised $2.4m, the startup’s total funding stands at $152.2m. Serunjogi, the Chipper Money CEO, declined to be specific about what the startup is now value. 

“Obviously, we’re not transferring into our valuation, but we’re the most precious private startup in Africa at the moment time after this spherical,” he mentioned.

chipper_cash_co-founders
Maijid Moujaled (seated) and Ham Serunjogi, Chipper Money co-founders

In March this year, Flutterwave – a private startup in Africa – raised $170m and explicitly mentioned they had been now valued at more than $1bn. Segunjogi’s insist suggests that Chipper Money can also now be value over $1bn, even supposing they like raised $80m lower than the Nigerian fintech.

Admire Flutterwave, Chipper Money is headquartered in San Francisco but has over 200 employees figuring out of Africa and serving African customers. The startup plans to rent up to 100 crew for its rising operations.

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