Fintech startup Chipper Cash raises $6M to expand to Southern Africa
Cross-border payment startup Chipper Cash has raised $6 million seed round led by Deciens Capital to expand into Southern Africa. Chipper Cash operates in Kenya, Uganda, Tanzania, Rwanda, Ghana and recently expanded to Nigeria.
The San Francisco-based startup which offers mobile-based, no fee, P2P payment will use the fund to grow its team and move into new regions. This is according to its CEO Ham Serunjogi, who spoke to TechCrunch. The startup is looking to expand into Southern Africa.
Chipper Cash was founded by Ugandan Ham Serunjogi and Ghanaian Maijid Moujaled. It offers free P2P mobile money services, and also runs Chipper Checkout, a merchant-focused, fee-based C2B mobile payments product that supports its no-fee mobile-money business.
The fintech startup now has more than 70,000 active users and has processed 250,000 active transitions on its no-fee, P2P, cross-border mobile-money payments product.
In May 2019 the startup also raised $2.4 million from 500 Startups and Liquid 2 Ventures. The firm used this funding to expand to Nigeria with its free and instant Peer-to-peer cross-border mobile payment solutions. In June, Catalyst Fund, which invests in early-stage ventures working in the financial inclusion sector in emerging markets also invested $50,000 in Chipper Cash.