Chipper Cash, a cross-border fintech startup just raised $30 million. The Serie B round was led by Ribbit Capital attracting participation from Bezos Expeditions (the personal VC fund of CEO Jeff Bezos).
Chipper Cash began in 2019 in San Francisco by Ham Serunjogi (Uganda) and Maijid Moujaled (Ghana). The mobile-based P2P payment services are available in Nigeria, Ghana, Rwanda, Uganda, South Africa, Tanzania, and Kenya.
Chipper cash has another product Chipper Checkout – focussed on merchants and fee-based products that generate revenue to support their businesses. The company now supports 3 million people on its platform processing over 80,000 transactions per day. In June 2020, Chipper Cash has managed a $100 million monthly payout.
As part of Series B, the startup will expand its product and geographical scope. The app will offer businesses other payment solutions, investment services, and cryptocurrency trading options. One can buy and sell bitcoin or invest in US stocks from Africa. The latter is possible through cooperation with DriveWealth.