TechCrunch announced that African Fintech Payment StartUp, Chipper cash raised a $13.8M Series A funding.
Chipper Cash features a software application platform that enables free instant cross-border mobile money transfers in Africa. It was founded two years ago in 2017 by Ugandan Ham Serunjogi and Ghanaian Maijid Moujaled. Headquarter is located in San Francisco, California. byThe two came to America for academics, met in Iowa while studying at Grinnell College and ventured out to Silicon Valley.
The San Francisco-based company offers mobile-based, no fee, P2P payment services in six countries: Ghana, Uganda, Nigeria, Tanzania, Rwanda and Kenya. It will use its latest round to hire up to 30 people.
The new compliance officer, Lisa Dawson is to get chipper cash ready to meet regulatory requirement for new markets. Her strong backgrounds with the U.S. Department of Treasury’s Financial Crimes Enforcement Network and Citigroup’s global head, anti-money laundering department Advisory digital products.
The startup formed the Chipper Fund for Black Lives grants of up to $5,000. It is a social responsibility component to its business, for causes furthering social justice reforms
In December 2019, it raised a $6 million seed round led by Deciens Capital for the expansion of its footprint across the African continent, then the Southern African region marked as the next hunting ground. It has now raised around $22 million and processing more than $100 million payment volume.
Hundreds of payment startups across Africa are bringing in financial inclusion for all using mobile finance applications.
A new product by Abit Network finished the pre-sale of the African first utility token two days ago shows that Africa is the next fintech arena for investors.