Chipper Cash, the African cross-border fintech startup, has closed a $13.8 million Series A funding to expand its operations in Africa and hire staff.
So far, the startup, founded by two African entrepreneurs, Ham Serunjogi (Ugandan) and Maijid Maoujaled (Ghanaian), has over 1.5 million users and doing over $100 million dollars a month in volume.
Chipper Cash offers mobile-based, feeless, P2P payment services in 7 African countries:
- South Africa
The payment service is used on popular P2P bitcoin marketplaces like Paxful and LocalCryptos across Africa.
Chipper Cash is the second most popular payment method in Kenya on Paxful, the largest P2P bitcoin marketplace in Africa. Kenya is also the second largest in Africa for P2P bitcoin market.
Check out the weekly average percentage breakdown of payment methods on Paxful below:
- M-Pesa – 65.6%
- Chipper Cash – 24.8% (Approx. $31 million)
- Bank Transfer – 9.59%
Chipper Cash is a preferred bitcoin P2P payment method because of a number of reasons:
- No fees on local and cross-border transactions
- No risk of chargeback or payment reversals carried by other payment methods
- Ease of use when funding and withdrawing from Chipper Cash via mobile money
The startup is looking to invest more resources into Anti-Money Laundering (AML) features and ensure compliance as it expands across the continent.
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