As part of the Series B raise, Chipper Cash plans to expand its products and geographic scope.
On the product side, that entails offering more business payment solutions, cryptocurrency trading options, and investment services. On the business financial services side, the startup plans to offer more API payment solutions.
Chipper Cash also plans to use its Series B financing for additional country expansion, which the company will announce by the end of 2021.
Founded in San Francisco in 2018 by Ugandan Ham Serunjogi and Ghanaian Maijid Moujaled, the company offers mobile-based, no fee, P2P payment services in seven countries: Ghana, Uganda, Nigeria, Tanzania, Rwanda, South Africa, and Kenya.
Parallel to its P2P app, the startup also runs Chipper Checkout — a merchant-focused, fee-based payment product that generates the revenue to support Chipper Cash’s free mobile-money business.
According to Techcrunch, the company has scaled to 3million users on its platform and processes an average of 80,000 transactions daily. In June 2020, Chipper Cash reached the value of a monthly payment of $100 million, according to CEO Ham Serunjogi.
“We’ll always be a P2P financial transfer platform at our core. But we’ve had demand from our users to offer other value services…like purchasing cryptocurrency assets and making investments in stocks,” Serunjogi said.
Chipper Cash has added beta dropdowns on its website and app to buy and sell Bitcoin and invest in U.S. stocks from Africa — the latter through a partnership with U.S. financial services company DriveWealth.
“We’ll launch [the stock product] in Nigeria first so Nigerians have the option to buy fractional stocks — Tesla shares, Apple shares or Amazon shares and others — through our app. We’ll expand into other countries thereafter,” said Serunjogi.