Chipper Cash, a fintech startup that facilitates cross-border payment across Africa has raised $100 million in a Series C round led by Silicon Valley Bank’s investment arm.
Joining SVB Capital in the round are Deciens Capital, Ribbit Capital, Bezos Expeditions, Tribe Capital and more.
Founded in 2017 by Ugandan, Ham Serunjogi, and Ghanaian, Maijid Moujaled, Chipper Cash came into being after the two worked at big techs in Silicon Valley.
Chipper operates across seven African nations and helps to provide peer-to-peer (P2P) payment services.
Chipper plans to use its latest injection to expand both its existing product portfolio and its geographical reach.
The company plans to increase its headcount by 100 employees to cope with a 33% rise in user numbers. The firm counts four million people as regular users of its services.
According to Serunjogi interview by TechCrunch, his firm is “probably the most valuable private start-up in Africa”, though he declined to elaborate on the company’s figures.
If Chipper Cash has joined the African unicorn club then it sits alongside Nigeria’s Flutterwave, which raised $170 million in March, and OPay – supposedly raising funding at a valuation of $1.5 billion.
