African Fintech Giant Raises $150 Million in Funding Round Led by FTX, Firm Now Valued at Over $2 Billion

Nov 4, 2021 | Bitcoin News | 0 comments

african-fintech-giant-raises-$150-million-in-funding-round-led-by-ftx,-firm-now-valued-at-over-$2-billion

Chipper Cash, one of Africa’s biggest fintechs, recently concluded a Series C extension funding round in which it raised $150 million, a report by Techcrunch has revealed.

New Investors Participate in Latest Round

According to the report, this latest funding round — which was led by Sam Bankman-Fried’s FTX — comes barely six months after the fintech startup Chipper Cash was able to raise $100 million in the first Series C funding round.

Besides FTX, other investors that participated in Chipper Cash’s latest funding round include SVB Capital, which led the first Series C. Also reinvesting were Deciens Capital, Ribbit Capital, Bezos Expeditions, One Way Ventures, and Tribe Capital.

The report acknowledges that new investors participated in this series. It states, however, that the names of these investors have not yet been made public. It also reveals that following the $150 million haul, Chipper Cash has now raised over $305 million. The firm is now valued at over $2 billion.

The fintech, which was founded in 2018 by Ham Serunjogi, the current CEO, and Maijid Moujaled, specializes in peer-to-peer, cross-border payments. According to the report, Chipper Cash services are presently used in seven African countries: Ghana, Kenya, Nigeria, Rwanda, South Africa, Tanzania, and Uganda.

Beating the Competition

In the report, Serunjogi is quoted explaining why Chipper Cash is beating the competition. He said:

Chipper Cash is offering remittances considerably cheaper than anyone else. More important to that is that we are now the first ones that I know honestly to be able to support Africa to the U.S. in terms of sending money.

In addition to enabling cheaper cross-border payments, Chipper Cash has been busy tapping into the world of social payments, the report states. Already the fintech has partnered with Twitter to launch its tips feature, also known as Tip Jar, to allow creators to receive money on the platform.

What are your thoughts about Chipper Cash’s latest capital raise? Tell us what you think in the comments section below.

News Source from news.bitcoin.com

Related Articles

Tanzania Central Bank Reportedly Prepares To Launch CBDC

Tanzania Central Bank Reportedly Prepares To Launch CBDC

Tanzania has reportedly started exploring a Central Bank Digital Currency (CBDC). The country is following the footsteps of Nigeria, which launched its own digital currency last month. Other African countries have similarly announced plans to launch CBDCs. Tanzania...

Hacked cloud accounts are being used to mine crypto, says Google

Hacked cloud accounts are being used to mine crypto, says Google

A report released this week by Google indicates that a majority of recently attacked accounts on its Google Cloud Platform service were used to mine cryptocurrency. The Threat Horizons report for November stated that "[m]alicious actors were observed performing...

Ethereum L2 Scene Heats Up With Boba Network Taking Second Spot in TVL

Ethereum L2 Scene Heats Up With Boba Network Taking Second Spot in TVL

Boba Network, a recently released L2 layer for Ethereum, has quickly jumped to second place in TVL (total value locked) among all expansion layers. Boba, which is a fork of Optimism, another L2 layer based on rollups, reached more than $1 billion in TVL, surpassing...

Pin It on Pinterest

Share This