African fintech unicorn Chipper Cash has expanded its collaboration with Visa to accelerate strategic initiatives around card issuance, marketing, licensing and more.
Since first partnering in 2021 on the Chipper Card rollout across Africa, the two companies have continuously built on their relationship. The latest agreement solidifies Visa as a key ally as Chipper Cash leverages the global payments network to enhance offerings.
Specifically, Chipper will tap into Visa’s regulatory expertise, marketing capabilities and overall reach to scale its card business and verification services continent-wide. Last December, Visa pledged a $1 billion investment across five years to expand Africa’s footprint, presenting partnership opportunities.
Chipper Cash Chief Product Officer Brett Macgrath said the alliance will enable faster delivery of top products by harnessing Visa’s global capacities.
Visa Senior Director for Sub-Saharan Africa Fintechs Meagan Rabe expressed excitement to deepen Chipper’s support amid rising digital financial demand in Africa.
This announcement follows Chipper’s recent launch of Chipper ID, its AI-powered verification and onboarding tool tailored for Africa. Chipper Cash serves over 5 million customers in Africa and the US.
The partnership boost comes after a challenging period for Chipper Cash. Between November 2022 and March 2023, key investors FTX and Silicon Valley Bank collapsed. Amid funding headwinds, Chipper Cash consolidated resources with at least three layoff rounds over the past year, including top executives.
The strengthened Visa collaboration reaffirms Chipper Cash’s growth focus despite hurdles. It leverages Visa’s scale and experience to expand Chipper’s card business and verification platform, cornerstones of its product suite.
With established technical infrastructure across the continent, Visa offers an ideal springboard for Chipper to boost capabilities and user acquisition quickly. In turn, Visa can tap into Chipper’s deep market insights to tailor localised solutions.
Together, the two partners are positioned to increase access and convenience for digital payments in Africa. By joining forces, Chipper Cash and Visa aim to redefine financial inclusion in line with their shared mission to empower underserved communities.