Fun

African Fintech Giant Raises $150 Million in Funding Round Led by FTX, Firm Now Valued at Over $2 Billion

News Feed - 2021-11-04 07:11:53

African Fintech Giant Raises $150 Million in Funding Round Led by FTX, Firm Now Valued at Over $2 Billion


Chipper Cash, one of Africa’s biggest fintechs, recently concluded a Series C extension funding round in which it raised $150 million, a report by Techcrunch has revealed. New Investors Participate in Latest Round


According to the report, this latest funding round — which was led by Sam Bankman-Fried’s FTX — comes barely six months after the fintech startup Chipper Cash was able to raise $100 million in the first Series C funding round.


Besides FTX, other investors that participated in Chipper Cash’s latest funding round include SVB Capital, which led the first Series C. Also reinvesting were Deciens Capital, Ribbit Capital, Bezos Expeditions, One Way Ventures, and Tribe Capital.


The report acknowledges that new investors participated in this series. It states, however, that the names of these investors have not yet been made public. It also reveals that following the $150 million haul, Chipper Cash has now raised over $305 million. The firm is now valued at over $2 billion.


The fintech, which was founded in 2018 by Ham Serunjogi, the current CEO, and Maijid Moujaled, specializes in peer-to-peer, cross-border payments. According to the report, Chipper Cash services are presently used in seven African countries: Ghana, Kenya, Nigeria, Rwanda, South Africa, Tanzania, and Uganda.


Beating the Competition


In the report, Serunjogi is quoted explaining why Chipper Cash is beating the competition. He said: Chipper Cash is offering remittances considerably cheaper than anyone else. More important to that is that we are now the first ones that I know honestly to be able to support Africa to the U.S. in terms of sending money.


In addition to enabling cheaper cross-border payments, Chipper Cash has been busy tapping into the world of social payments, the report states. Already the fintech has partnered with Twitter to launch its tips feature, also known as Tip Jar, to allow creators to receive money on the platform.


What are your thoughts about Chipper Cash’s latest capital raise? Tell us what you think in the comments section below. Nigerian President Muhammadu Buhari to Unveil Country"s CBDC FINTECH | Oct 24, 2021 Ghana Central Bank Working to Make CBDC Available to Offline Users FINTECH | Oct 20, 2021 Tags in this story Bezos Expeditions, Chipper Cash, cross-border payments, Fintech, FTX CEO, Ham Serunjogi, Sam Bankman-Fried, Series C


Image Credits: Shutterstock, Pixabay, Wiki Commons, farzand01 Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments

News Feed

Bitcoin Target Locked: Metaplanet Eyes 10,000 BTC This Year
Este artículo también está disponible en español. Metaplanet ushers in the new year with a bullish sentiment on Bitcoin and blockchain technology.
‘The Nine’ spot Bitcoin ETFs see $2B volume for 2nd straight day
Martin Young2 hours ago‘The Nine’ spot Bitcoin ETFs see $2B volume for 2nd straight dayBlackRock"s ETF also notched a new record $1.3 billion in daily volume in what an analyst described as “another intense volume
Ethereum Plans ‘Shapella’ Transition on Zhejiang Testnet — Dev Insists ‘Withdrawals are Coming’
Ethereum Plans ‘Shapella’ Transition on Zhejiang Testnet — Dev Insists "Withdrawals are Coming" Ethereum core developers plan to activate the “Shapella” transit
Turner Wright6 hours agoUS DoJ is concerned about a run on Binance should prosecutors bring fraud charges: ReportOfficials reportedly speculated an indictment against Binance in the U.S. could cause a run on the exchange
Prashant Jha12 hours agoCircle admitted by judge as amicus curiae in SEC vs. Binance lawsuit: ReportThe orders to pass the pending motion come just a day before the key hearing between Binance and the SEC on Oct. 12.2948
Marc Cuban wallet dumps NFTs, market volume drops 45%: Nifty Newsletter
Ezra Reguerra4 hours agoMarc Cuban wallet dumps NFTs, market volume drops 45%: Nifty NewsletterMarc Cuban has offloaded some NFTs, while overall NFT sales volume dropped by 45% in Q2.2210 Total views2 Total sharesListen
Bitcoin miner Riot Platforms miss estimates with wider Q2 loss
Brayden Lindrea8 hours agoBitcoin miner Riot Platforms miss estimates with wider Q2 lossRiot managed to increase its revenue from Bitcoin mining despite reporting a staggering 340% increase in costs to mine a Bitcoin.48
Trump Coin Accused Of 100% Grift, Says YouTuber Coffeezilla
Este artículo también está disponible en español. The latest meme coin launch by incoming US President Donald Trump seems to have upset the cryptocurrency industry with s
Billionaire Ray Dalio Sees Limitation on Bitcoin’s Price, Doubts BTC Can Reach $1 Million
Billionaire Ray Dalio Sees Limitation on Bitcoin"s Price, Doubts BTC Can Reach $1 Million Billionaire Ray Dalio, the founder of the world’s largest hedge fund, Bridgewater A
Report: Constitutional Court Says Central African Republic’s Sango-Coin-for-Citizenship Scheme Is Illegal
Report: Constitutional Court Says Central African Republic"s Sango-Coin-for-Citizenship Scheme Is Illegal A constitutional court in the Central African Republic has reportedly rule
Buenos Aires Confirms It Plans to Allow Citizens to Pay Taxes With Cryptocurrency
Buenos Aires Confirms It Plans to Allow Citizens to Pay Taxes With Cryptocurrency Horacio Larreta, the head of the government of Buenos Aires, the capital of Argentina, confirmed t
Toncoin Consolidates: Could A Breakout Push TON Higher?
Este artículo también está disponible en español. Toncoin has entered a period of consolidation, with its price moving within a narrow range of $6.2 and $6.5 as the marke