Chipper Cash, an African cross-border payments company, has raised $150 million in a Series C extension round led by cryptocurrency exchange platform FTX. This takes the valuation of the startup to $2 billion.
The investment comes just six months after Chipper Cash closed its first Series C round of $100 million, led by SVB Capital, the corporate venture capital arm of SVB Financial Group. The company’s total Series C stands at $250 million but its total funding to date is over $305 million.
SVB Capital reinvested in this extension round and other existing investors such as Deciens Capital, Ribbit Capital, Bezos Expeditions, One Way Ventures, and Tribe Capital. The new investors that also participated were not named.
Serunjogi founded Chipper Cash with Maijid Moujaled in 2018 to offer a no-fee peer-to-peer cross-border payment service in Africa via its app. Its services are used across seven African countries — Ghana, Uganda, Nigeria, Tanzania, Rwanda, South Africa, and Kenya.
This year expanded to the U.K., allowing people to send money from the European nation to Chipper Cash’s African markets. Last month, Chipper Cash, with over four million users, launched in the United States.
The fintech startup has also been busy tapping into the world of social payments. Earlier this year, Twitter launched its Tips feature, also known as Tip Jar, to allow creators to receive money on its platform. The social media company integrated with some payments platforms to make it accessible in different regions.
As creators in developed markets can select PayPal, Patreon, GoFundMe, Cash App, and Venmo to receive tips, Chipper Cash was picked to offer the service to African creators through its payments link.
The African fintech space is getting more competitive day by day. From Nigeria to Kenya, South Africa, and Egypt, fintech startups are attracting funding from both local and international investors. Some of gone ahead to become unicorns including Interswitch, Flutterwave, Wave, and Fawry.
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