Chipper Money, considered one of Africa’s largest fintechs, lately concluded a Sequence C extension funding spherical in which it raised $150 million, a report by Techcrunch has revealed.
New Buyers Take part in Newest Spherical
Based on the report, this newest funding spherical — which was led by Sam Bankman-Fried’s FTX — comes barely six months after the fintech startup Chipper Money was in a position to increase $100 million in the primary Sequence C funding spherical.
Moreover FTX, different traders that participated in Chipper Money’s newest funding spherical embody SVB Capital, which led the primary Sequence C. Additionally reinvesting had been Deciens Capital, Ribbit Capital, Bezos Expeditions, One Manner Ventures, and Tribe Capital.
The report acknowledges that new traders participated in this collection. It states, nonetheless, that the names of those traders haven’t but been made public. It additionally reveals that following the $150 million haul, Chipper Money has now raised over $305 million. The agency is now valued at over $2 billion.
The fintech, which was based in 2018 by Ham Serunjogi, the present CEO, and Maijid Moujaled, specializes in peer-to-peer, cross-border funds. Based on the report, Chipper Money providers are presently used in seven African nations: Ghana, Kenya, Nigeria, Rwanda, South Africa, Tanzania, and Uganda.
Beating the Competitors
Within the report, Serunjogi is quoted explaining why Chipper Money is thrashing the competitors. He stated:
Chipper Money is providing remittances significantly cheaper than anybody else. Extra vital to that’s that we are actually the primary ones that I do know truthfully to have the ability to help Africa to the U.S. in phrases of sending cash.
Along with enabling cheaper cross-border funds, Chipper Money has been busy tapping into the world of social funds, the report states. Already the fintech has partnered with Twitter to launch its ideas function, also referred to as Tip Jar, to permit creators to obtain cash on the platform.
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