African fintech firm Chipper Cash has raked in $30m in a Series B funding round to expand its products and geographic presence across the country.
The funding round was led by Ribbit Capital, which was joined by Amazon CEO Jeff Bezos’ personal venture capital (VC) fund named Bezos Expeditions.
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Founded in 2018, Chipper Cash offers mobile-based, no fee, peer-to-peer (P2P) payment services in Ghana, Uganda, Nigeria, Tanzania, Rwanda, South Africa and Kenya.
It also operates a payment product called Chipper Checkout, which is a merchant-focused and fee-based payment solution.
The company, which has onboarded three million users on its platform, processes an average of 80,000 payments each day.
Chipper Cash CEO Ham Serunjogi said that the company reached a monthly payments value of $100m as of June 2020.
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By GlobalDataThe company will use the fresh capital to offer more business payment solutions, cryptocurrency trading options and investment services.
It has already added beta dropdowns on its website and app to trade in Bitcoin and buy US stocks from Africa.
Chipper Cash will also use the investment for additional country expansion, which will be announced by next year-end.
Serunjogi said: “We will always be a P2P financial transfer platform at our core. But we have had demand from our users to offer other value services like purchasing cryptocurrency assets and making investments in stocks.
“We will launch the stock product in Nigeria first so Nigerians have the option to buy fractional stocks — Tesla shares, Apple shares or Amazon shares and others — through our app. We will expand into other countries thereafter.
“We have been getting a lot of requests from people on our P2P platform, who also have business enterprises, to be able to collect payments for sale of goods.”
Chipper Cash founder Ham Serunjogi said: “It is a big deal when a world class investor like Bezos or Ribbit goes out of their sweet spot to a new area where they previously have not done investments.
“Ultimately, the winner of those things happening is the African tech ecosystem overall, as it will bring more investment from firms of that calibre to African startups.”
