Chipper Cash, a three-year-old startup that facilitates cross-border payment across Africa, has closed a $100 million (Sh10 Billion) Series C round to introduce more products and grow its team making it Africa’s most valuable startup
The round was led by SVB Capital, a US firm investing in an Africa-focused startup for the first time. Existing Chipper Cash investors like Deciens Capital, Ribbit Capital, Bezos Expeditions, and 500 Startups participated. One Way Ventures, Tribe Capital, and Brue2 Ventures also joined the round.
Chipper Cash was founded in 2018 by Ham Serunjogi and Maijid Moujaled and it has a mobile app that gives free peer-to-peer fees payment services in many African countries including Ghana, Uganda, Nigeria, and others.
Chipper Cash has been present in seven countries: Ghana, Uganda, Nigeria, Tanzania, Rwanda, South Africa, and Kenya, and is now expanding to a new territory outside Africa, specifically the United Kingdom, Ham told TechCrunch
Since May 2019 when they raised $2.4 million, the startup’s total funding stands at $152.2m. Serunjogi, the Chipper Cash CEO, declined to be specific about what the startup is now worth.
Obviously, we’re not getting into our valuation, but we’re probably the most valuable private startup in Africa today after this round
-Serunjogi, the Chipper Cash CEO
The company has over 3 million users and handles around 80,000 transactions daily, processing payments worth more than $100 million a month.