Tuesday
June 1
2021

SVB-Led $100 Million Investment Makes Chipper Cash Africa’s ‘Most Valuable Startup’

Tage Kene-Okafor

Fintech in Africa is a goldmine. Investors are betting big on startups offering a plethora of services from payments and lending to neobanks, remittances and cross-border transfers, and rightfully so. Each of these services solves unique sets of challenges. For cross-border payments, it’s the outrageous rates and regulatory hassles involved with completing transactions from one African country to another.

Chipper Cash, a three-year-old startup that facilitates cross-border payment across Africa, has closed a $100 million Series C round to introduce more products and grow its team.

It hasn’t been too long ago since Chipper Cash was last in the news. In November 2020, the African cross-border fintech startup raised $30 million Series B led by Ribbit Capital and Jeff Bezos fund Bezos Expeditions. This was after closing a $13.8 million Series A round from Deciens Capital and other investors in June 2020. Hence, Chipper Cash has gone through three rounds totalling $143.8 million in a year. However, when the $8.4 million raised in two seed rounds back in 2019 is included, this number increases to $152.2 million.

Photo courtesy of ICT4D.at.

Source: TechCrunch (link opens in a new window)

Categories
Finance, Technology
Tags
digital payments, financial inclusion, fintech, mobile banking, remittances, small business, startups, technology