Business Post Contributor
By Ashemiriogwa Emmanuel
Venture-capital-backed financial technology (fintech) company, Chipper Cash, has raised a total of $150 million in a Series C extension round to further boost its operations of offering affordable cross-border payments across and beyond Africa.
This is coming about six months after the company closed an investment of $100 million in its Series C round, which was led by the corporate venture capital arm of SVB Financial Group, SVB Capital.
The recent extension funding round was led by Sam Bankman-Fried’s cryptocurrency exchange platform FTX, and saw the reinvestment of SVB Capital along with other existing investors, including Deciens Capital, Ribbit Capital, Bezos Expeditions, One Way Ventures, Tribe Capital, and some other new angel investors.
It is also worth noting that the total Series C of Chipper Cash is marked at $250 million, but has received a total funding of more than $305 million. The fresh round has also brought the company to becoming a Unicorn with a value worth about $2 billion.
Founded in 2018 by Mr Ham Serunjogi with Maijid Moujaled, the financial digital platform has been designed to offer a no-fee peer-to-peer cross-border payment service in Africa and is used by people in Nigeria, Rwanda, South Africa, Tanzania, Kenya, Ghana, and Uganda.
Among the services offered in its app also include buying and selling of cryptocurrencies, investment in stocks, Network Application Programming Interface (API), as well as Payment of Bills and Airtime.
Boasting over four million users, the fintech company also extended its tentacles into the United States earlier this year, providing a seamless process for people to send money to Chipper Cash’s African markets.
