Banking and Payment

Chipper Cash Valued at 2Billion After Investment from World’s most Valuable Crypto Exchange

Chipper Cash valued at $2 billion after investment from world’s most valuable crypto exchange

Chipper Cash is the most valuable startup in Africa, said the CEO, Ham Serunjogi. The African cross border payment  company raised $100 Million series C finding in May this year. This makes Ham Serunjogi, without declaring the company current valuation, said the startup is the most valuable fintech startup in Africa. Which sparked a lot of mixed reactions in the ecosystem.

Now Chipper Cash has announced extension of it’s series C and raised $150 Million at a valuation little over 2 billion. The Investment was led by FTX, the most world’s valuable crypto exchange company owned by the youngest billionaire in the World, Sam Bankman Fried.
With a valuation of over $2 billion, Chipper Cash has now attained a unicorn status. It joins the ranks of Nigeria’s Interswitch, Flutterwave and Opay, Egypt’s Fawry, Pan-African Andela, and Senegal’s Wave, as the seventh African unicorn.
 
The Fintech company was founded by Ham Serunjogi and Maijid Moujaled in 2018 with aim to offer free cross-border payment service in Africa via Chipper Cash app by using Cash tag to do the transactions.
 
Chipper Cash is available and operate in seven countries in Africa ( Nigeria, Kenya, Uganda, South Africa, Tanzania, Rwanda and Ghana). In May, after the first $100 Million series C round, the company expanded into United Kingdom to offer free peer-to-peer remittance from U.K to Africas.
 
Last month, the startup also entered the competitive U.S market and it’s reported to have started the U.S to Africa remittance in Nigeria and Uganda, with more countries to be added soon. The company also plans to start Africa to U.S remittance in South Africa, Uganda and Ghana next year. 
 
Not only that, Early this year, Chipper Cash introduced social payment service by partnering with Twitter to offers payment for the social media platforms.

Chipper Cash is FTX’s first investment in Africa. A move that hints that FTX is impressed by how Chipper Cash has been able to scale in the space of three years and its interest in the crypto space. Chipper Cash boasts of having over 4 million users across the world.

The investment will see FTX partner with Chipper Cash to make money transfer as simple as a text message and accelerate the adoption of crypto within Africa and beyond.

“Despite the recent growth in Africa, moving money across the continent is still slow and expensive. Unsurprisingly it is the fastest growing market with grassroots crypto adoption,” Bankman-Fried, FTX CEO, told TechCrunch. 

As a result of this partnership, FTX will increase its footprint in Africa and Chipper Cash will be integrated into the FTX product so that African users can fund their crypto wallet through Chipper Cash.

“That’s going to be a compelling use case for both of our companies as we keep scaling and as FTX keeps scaling their geographical coverage. They do some of the most innovative work in the crypto space, so working with them is going to be quite exciting,” Serunjogi said.

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