Chipper Cash, a fintech firm that offers payment services across Africa, has just completed a Series B funding round of $30 million. The round was led by Ribbit Capital, an American venture capital firm, and Bezos Expeditions which is a personal venture capital fund sponsored by Jeff Bezos, Amazon’s CEO.
The latest fund raise by Chipper Cash comes barely five months after it raised a $13.8 million Series A funding led by another American private equity firm called Deciens Capital.
The funding will enable Chipper Cash to continue consolidating and expanding its payment service across African markets. A statement that was seen by Business Elites Africa quoted one of the company’s founders, Ham Serunjogi, to have disclosed that plans are also underway to introduce a product line that will enable Africans to buy and sell Bitcoins and invest in American stocks.
“We’ll always be a P2P financial transfer platform at our core. But we’ve had demand from our users to offer other value services…like purchasing cryptocurrency assets and making investments in stocks. We’ll launch [the stock product] in Nigeria first so Nigerians have the option to buy fractional stocks — Tesla shares, Apple shares or Amazon shares and others — through our app. We’ll expand into other countries thereafter,” Serunjogi said.
New markets in Africa which Chipper intends to explore (thanks to the fresh $30 million Series B funding round), will be announced in early 2021.
Do note that Chipper Cash was established in 2018 by Ghanaian Majid Maoujaled and Ugandan Ham Serunjobi while they were students in the United States of America. Since then, the company has raised a total of $52 million.