In June 2020, Africa’s fintech start-up Chipper Cash raised US$13.8 million in Series A funding round led by Deciens Capital.
Chipper Cash (Africa’s fintech start-up), founded by Uganda’s Ham Serunjogi and Ghana’s Majid Moujaled, launched in 2018. Serunjogi and Moujaled met while studying at Grinnell College in Iowa after which they went to Silicon Valley to work for Facebook and Yahoo, respectively.
Quite thrilled to announce our $13.8M Series A. Special thanks and love to our 1.5m+ Chipper community out there who inspire us everyday – we have a few special things in store for you. I love you❤️?https://t.co/RMHvsTSEiE
— Ham Serunjogi (@HSerunjogi) June 17, 2020
Chipper Cash claims to be Africa’s largest mobile cross-border money transfer platform. It is also the first platform to offer instant cross-border mobile money transfers. Their aim is to improve access to critical financial services to over 1 billion people in Africa.
Africa’s Chipper Cash funding
Chipper (Africa’s fintech start-up), available across seven countries: Ghana, Kenya, South Africa, Uganda, Nigeria, Tanzania, and Rwanda. Currently, Chipper Cash has 1.5 million active users while it does over $100 million monthly transactions, in terms of volume.
According to Serunjogi, the company plans to use the funds to hire up to 30 people across operations in San Francisco, Lagos, London, Nairobi, and New York. In two years, they have raised US$22 million in capital overall. Chipper is backed by many reputable Venture Capital firms including Deciens Capital, One Way Ventures, 500 Startups.
In addition to the round of funding, Chipper Cash also announced its initiative, Chipper Fund for Black Lives. Serunjogi said,
“Growing up in Africa, we were able to navigate [the U.S.] without the traumas and baggage our African American friends have gone through living in America.” Therefore, in light of the recent events in the USA, Chipper Cash has decided to give five to ten grants of $5,000-$10,000 to “people or causes who are furthering social justice reforms.”
Chipper Cash also brought on a new compliance officer, Lisa Dawson, who has previously worked in anti-money laundering. Serunjogi explained the significance of Dawson as investing in anti-money laundering is very important to Chipper Cash.
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