Tuesday, December 7, 2021

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

Get more The Box amazon Deals and items The Box Proudly pick for you

This article shown on bitcoin.com

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.

Image Credits: Shutterstock, Pixabay, Wiki Commons, farzand01

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

This article shown on news.bitcoin.com bitcoin.comAuthor Terence Zimwara on date 2021-11-04 10:30:53bitcoin.com Digital money that’s instant, private and free from bank fees. Download the official Bitcoin Wallet app today, and start investing and trading in BTC follow for more


Amazon Deals

Get the best Amazon promotions and deals. Fast delivery and free returns on eligible items. Discover millions of products available from Amazon


More Articles Like This