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Chipper Cash, an African-focused fintech startup that recently expanded to Nigeria, has secured a $6 million investment led by Deciens Capital.

Joining the investment are previous investors and other new backers one of which is Boston based Raptor Group.

According to reports, Chipper Cash will use the seed round to fund its expansion into Southern Africa in 2020 where it is yet to have any presence.

Its P2P payment startup is already present in East and West Africa in six countries including Ghana, Uganda, Nigeria, Tanzania, Rwanda, and Kenya.

Founded by Ham Serunjogi and Maijid Moujaled, the fintech company now has more than 600,000 active users and has processed over 3 million transactions on its no-fee, P2P, cross-border mobile-money payments product.

You would recall that back in September, Chipper Cash raised $2.4 million in May 2019 in a seed round that included support from 500 Startups and Liquid 2 Ventures.

With a Southern Africa expanding in the offing for Chipper Cash, it means its services will be available in some of the biggest markets in Africa.

This year has been quite good for especially fintech startups on the continent. Nigeria has perhaps received the largest share of the funding.

Opera’s OPay has raised a total of $170 million from Chinese investors while China’s mobile phone maker Transsion led a $40 million investment in the UK headquartered PalmPay.

Another exciting one in Nigeria is Visa’s reported $200 million investment in Interswitch.

Musa Suleiman
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