Published On: Sat, Jun 20th, 2020

African remuneration startup Chipper Cash raises $13.8M Series A

African cross-border fintech startup Chipper Cash has sealed a $13.8 million Series A appropriation turn led by Deciens Capital and skeleton to sinecure 30 new staff globally.

The lift caps an event-filled run for a San Francisco-based payments company, founded dual years ago by Ugandan Ham Serunjogi and Ghanaian Maijid Moujaled.

The dual came to America for academics, met in Iowa while study during Grinnell College and ventured out to Silicon Valley for stints in large tech: Facebook for Serunjogi and Flickr and Yahoo! for Moujaled.

The startup call beckoned and after rising Chipper Cash in 2018, a twin assured 500 Startups and Liquid 2 Ventures — co-founded by American football fable Joe Montana — to behind their association with seed funds.

Two years and $22 million in sum collateral lifted later, Chipper Cash offers a mobile-based, no fee, P2P remuneration services in 7 countries: Ghana, Uganda, Nigeria, Tanzania, Rwanda, South Africa and Kenya.

“We’re now during over one and a half million users and doing over a $100 million dollars a month in volume,” Serunjogi told TechCrunch on a call.

Chipper Cash does not recover audited financial data, though does share inner opening accounting with investors. Deciens Capital and Raptor Group co-led a startup’s Series A financing, with repeat support from 500 Startups and Liquid 2 Ventures .

Deciens Capital owner Dan Kimerling reliable a fund’s lead on a investment and examination of Chipper Cash’s remuneration value and volume metrics.

Parallel to a P2P app, a startup also runs Chipper Checkout, a merchant-focused, fee-based mobile remuneration product that generates a income to support Chipper Cash’s giveaway mobile-money business.

The association will use a latest turn to sinecure adult to 30 people opposite operations in San Francisco, Lagos, London, Nairobi and New York, according to Serunjogi.

Image Credits: Chipper Cash

Chipper Cash has already brought on a new correspondence officer, Lisa Dawson, whose credentials includes stints with a U.S. Department of Treasury’s Financial Crimes Enforcement Network and Citigroup’s anti-money laundering department.

“You know in a universe we live in, a AML side is really important, so it’s an area that we wish to deposit in from a get go,” pronounced Serunjogi.

He reliable Dawson’s purpose aligned with removing Chipper Cash prepared to accommodate regulatory mandate for new markets, though declined to name specific countries.

With a turn announcement, Chipper Cash also suggested a corporate amicable shortcoming initiative. Related to stream U.S. events, a startup has shaped a Chipper Fund for Black Lives.

“We’ve been outrageous beneficiaries of a munificence and honesty of this nation and a entrepreneurial spirit,” explained Serunjogi. “But flourishing adult in Africa, we’ve were means to navigate [the U.S.] but a traumas and container a African American friends have left by vital in America.”

The Chipper Fund for Black Lives will give 5 to 10 grants of $5,000 to $10,000. “The devise is to give that to…people or causes who are furthering amicable probity reforms,” pronounced Serunjogi.

In Africa, Chipper Cash has placed itself in a continent’s vital digital payments markets. As a sector, fintech has turn Africa’s top saved tech space, receiving a bulk of an estimated $2 billion in VC that went to startups in 2019.

Africa Top VC Markets 2019

Image Credits: TechCrunch

Those ventures, and a series of a continent’s determined banks, are in a foe to build marketplace share by financial inclusion.

By several estimates — including The Global Findex Database — a continent is home to the largest commission of a world’s unbanked population, with a large series of underbanked consumers and SMEs.

Increasingly, Nigeria has turn a many poignant fintech marketplace in Africa, with a continent’s largest economy and race of 200 million.

Chipper Cash stretched there in 2019 and faces foe from a series of players, including internal payments try Paga. More recently, outward entrants have jumped into Nigeria’s fintech scene.

In 2019, Chinese investors put $220 million into OPay (owned by Opera) and PalmPay — dual fledgling startups with skeleton to scale initial in West Africa and afterwards a broader continent.

Over a subsequent several years, design to see marketplace events — such as fails, acquisitions or IPOs — establish how well-funded remuneration startups, including Chipper Cash, transport in Africa’s fintech arena.

Nigeria is apropos Africa’s unaccepted tech capital

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