African fintech company, Chipper Cash, raises $100m

chipper cash

Chipper Cash, a fintech startup that facilitates cross-border payment across Africa has raised $100 million in a Series C round. This was disclosed by TechCrunch on Monday.

SVB Capital, the investment arm of US high-tech commercial bank, Silicon Valley Bank, led this. Other investors in this round include existing investors — Deciens Capital, Ribbit Capital, Bezos Expeditions, One Way Ventures, 500 Startups, Tribe Capital, and Brue2 Ventures.

On TechCrunch, Chipper Cash CEO, Ham Serunjogi said, “We’re not commenting on the size of our valuation publicly. One of the things that I’ve been quite keen on internally and externally is that the valuation of our company has not been a focus for us. It’s not a goal we’re aspiring to achieve. For us, the thing that drives us is that we have a product that is impactful to our users.”

Chipper Cash is currently valued between $1-2bn. The company started three years ago. It raised a $13.8m Series A round from Deciens Capital and other investors in June 2020. It raised another $30m Series B led by Ribbit Capital and Jeff Bezos fund Bezos Expeditions in November 2020. The company has raised a total of $143.8m within a year. However, it had raised $8.4m raised in two seed rounds back in 2019, which brings the total amount raised to $152.2m.

Chipper Cash plans to roll its investment service in Nigeria and Uganda soon. Although the company is presently engaging Nigerian regulators.

“Nigeria has probably the most exciting and vibrant tech ecosystem in Africa. And that’s credited directly to CBN for creating and fostering an environment that allowed multiple startups like ourselves and others like Flutterwave to blossom,” Serunjogi added.

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