Chipper Cash, an African fintech startup has raised $100 Million in a Series C funding round led by SVB Capital – the investment arm of Silicon Valley Bank, a US high tech commercial bank. Existing investors Ribbit Capital, Bezos expeditions, One-way ventures, Deciens Capital, Tribe Capital,500 startups, and Brue2 ventures also participated, raising the overall Chipper cash evaluation to $1 Billion.
Much as the Chipper Cash co-founder and CEO Ham Serunjogi declined to confirm the company’s valuation, it’s believed that after the Series C funding round, Chipper Cash is now the most valued African private venture. According to the company, its valuation is not a top priority, but services offered to customers remain the main goal towards future growth.
One of the things I’ve been emphasizing both internally and publicly is that our company’s valuation has not been a priority for us. It’s not something we’re aiming toward. The fact that we have a product that has an impact on our users is what motivates us.”
Serunjogi explained.
Prior to the new funding round, In November 2020, Chipper Cash raised $30 million in a Series B funding round led by Ribbit Capital and Jeff Bezos’s investment firm Bezos Expeditions. Also, in June 2020, the company had raised $13.8 million in a Series A round from Deciens Capital and other investors. This means the company has raised over $143.8 million in a single-year timeframe.
Founded in 2018 by Ham Serunjogi and Maijid Moujaled, Chipper Cash confirmed in late 2020 that it was recording over 80,000 transactions per day and has over 3 million active users on its mobile platform. The app operates in over 8 countries including the United Kingdom, Uganda, Kenya, Nigeria, Tanzania, Ghana, Rwanda, and South Africa.
Currently, the app offers borderless money transfer services and crypto assets with hopes of increasing its workforce by 50% to 300 with the new acquired funding. Also, the company is in talks with Nigerian regulators to have its investment service launch in Nigeria, and then Uganda, before rolling out to other regions by the end of 2021.
“Nigeria is home to Africa’s most interesting and thriving IT scene. And it can be directly attributed to CBN for building and supporting an atmosphere that enables startups like ours and others like Flutterwave to thrive,”
Concluded Serunjogi