Chipper Cash, an African cross-border P2P payment service recently secured a $30 million funding led by Ribbit Capital, an American based Venture Capital firm in collaboration with Bezos Expeditions, Amazon CEO Jeff Bezos’ personal VC fund.
Founded in San Francisco in 2018 by Ugandan Ham Serunjogi and Ghanaian Maijid Moujaled, Chipper Cash offers a cross-border, peer-to-peer payments service in several African countries with a user base of over 3 million and a daily average transaction rate of 80,000.
This investment by Bezos Expeditions is said to be it’s first in the African continent and was spurred by previous successful moves by Chipper Cash in seed funding to scale the business and its continuous growth prospects in business processes and user base.
Business expansion plans include additional payment solutions, options for trading in cryptocurrency, international currency, and commodity investment in fractional shares from Africa using their app, and more API payment solutions. According to one of the founders, Serunjogi “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,” The growing innovation in Fintech is fast attracting global attention.
Resulting in an influx of funding for African Fintech startups and increased participation in the technology ecosystem.