Fintech startup Chipper Cash has raised $100million in its latest Series C round of funding, propelling it to unicorn status. In its third year, Chipper Cash now joins an elite company amongst African startups, as it is only the sixth one to achieve unicorn status.
Chipper cash is on a mission to provide solutions to problems surrounding remittance and cross border payments in Africa. The funding round was led by SVB capital, the investment subsidiary of Silicon Valley Bank, along with Deciens Capital, Ribbit Capital, Bezos Expeditions, One Way Ventures, 500 Startups, Tribe Capital, and Brue2 Ventures.
This latest raise comes just months after it closed a $30million Series B round back in November 2020, led by Ribbit Capital and Jeff Bezos fund Bezos Expeditions. A few months prior to its Series B, Chipper had already closed a $13.8 million Series A round led by Deciens Capital. All this came on the heels of its $8.4 million seed funding back in 2019.
This brings a total of about $152.2 million raised by Chipper Cash across three rounds in just three years. These numbers point to one fact; African fintech is starting to come of age in Africa, as even bigger rounds will be anticipated in the coming months. This is reinforced by the fact that ChipperCash now joins five other African Fintech startups; Interswitch, Fawry, Jumia, Opay and Flutterwave in achieving unicorn status.
Chipper Cash was founded in 2018 by Ugandans, Ham Serunjogi and Ghanaian, Maijid Moujaled. The startup offers mobile-based, zero fee, peer-to-peer (P2P) payment services in seven African countries: Ghana, Uganda, Nigeria, Tanzania, Rwanda, South Africa and Kenya.
The startup plans to utilize its latest funding to consolidate its bitcoin operations and expand its product offerings to include US stock for users in Nigeria, Uganda and other countries.
Ham Serunjogi, CEO Chipper Cash says the company currently serves over 4 million users across Africa, and there are plans to expand to the US and the UK in the coming months.