Chipper Cash, an African cross-border payments startup, has raised $150 million from FTX, a leading global crypto exchange.
The Series C round comes just a few months after Chipper Cash raised over $100 million to build out crypto products for the African market.
The total round raise stands at $250 million with FTX leading the raise.
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This latest raise now brings Chipper Cash’s valuation to above $2 billion.
Chipper Cash has over 4 million users and is particularly focused on the U.S. to African remittance corridor which accounts for almost 30% of all international remittances to Sub-Saharan Africa.
Africa is the most expensive region to send money globally and Chipper Cash is looking to solve this problem with its product offerings.
Speaking about this, Ham Serunjogi, CEO, Chipper Cash, said:
“Chipper Cash is offering remittances considerably cheaper than anyone else.
More important to that is that we are now the first ones that I know honestly to be able to support Africa to the U.S. in terms of sending money.”
– CEO, Chipper Cash
Chipper Cash already offers peer-to-peer money movement from the U.S. to Nigeria and Uganda, and is looking to expand into other African markets in 2021, most notably:
- Ghana
- Kenya
- South Africa
The startup is also one of the companies expected to offer the Tip Jar feature on Twitter allowing users to ‘tip’ creators on the platform.
While Chipper Cash’s foray into cryptocurrencies has limited its expansion efforts across various African markets, the company continues to be hopeful.
Speaking about the Tip Jar integration, Ham said:
“The idea for Twitter and ourselves is to offer multiple ways for creators to be able to be paid for their work and their contribution online.
Twitter worked with us on this given our presence as the largest cross-border payments platform in Africa that could support multiple countries for Africans using Twitter.”
– CEO, Chipper Cash
FTX, on the other hand, is one of the largest crypto derivatives exchanges in the world. The company recently raised $420 million bringing its valuation to $25 billion.
The investment in Chipper Cash seems to have come after it recently partnered with DriveWealth, a brokerage trading company, to offer U.S. stocks to Ugandans.
FTX has an investment in DriveWealth.
This is the second investment in Africa by FTX. In January 2021, OVEX, a South-African exchange, closed a strategic investment in a bid to help grow its OTC and arbitrage trading offerings across Africa.
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RECOMMENDED READING: OVEX, South Africa’s Largest OTC Crypto Desk, Closes Strategic Investment from FTX, the World’s Most Liquid Exchange
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