The popular cross-border African payments app, Chipper Cash, has raised $30 million in a Series B round led by Ribbit Capital and Amazon CEO personal VC fund, Bezos Expeditions.
According to Chipper Cash CEO, Ham Serunjogi, the raise will help the startup expand its products and geographic scope. On the product side, this entails offering more:
- Business payments solutions
- Cryptocurrency trading options
- Investment services
“We’ll always be a P2P financial transfer platform at the core. But we’ve had demand from our users to offer other value services like purchasing cryptocurrency assets and making investments in stocks.”
~ Ham Serunjogi, CEO, Chipper Cash
- Nigerian Naira (NairaNG) – From as low as 380 NairaNG
- South African Rand (RandZA) – From as low as 16 RandZA
- Ugandan Shillings (UGXUG) – From as low as 3, 500 UGXUG
The startup, which was founded in 2018, has recently been on a run to raise and expand its growing portfolio of services.
Here are the latest stats about Chipper Cash:
- 3 million users on the platform
- 80, 000 transactions are processed daily
- $100 million in monthly payments value as of June 2020
According to Serunjogi, the startup alos plans to launch a stocks product with Nigeria being the first market to allow Nigerians buy fractional stocks such as Tesla, Apple and Amazon stocks, through the app before expanding to other countries.
An API payment solutions is also under development for businesses looking to collect payments for sale of goods.