Chipper Cash is an African company owned by a famous crypto enthusiast and Amazon CEO, Jeff Bezos. Due to popular demands, the app will now allow cryptocurrency trading services, including Bitcoin. Users of Chipper Cash will also be able to buy and sell cryptocurrencies as well as U.S stocks such as Apple, Amazon, and Tesla via the app.
The African cross-border payments startup company, Chipper Cash, successfully raised $30 million in a Series B funding round. The funding segment was led by Ribbit Capital, a venture capital firm, and Bezos Expeditions.
Few details about Chipper Cash
Chipper Cash was founded in 2018 by Ugandan Ham Serunjogi and Ghanaian Majid Moujaled. The app offers free P2P payment services, which are available in seven African countries: Ghana, Uganda, Tanzania, Rwanda, South Africa, Nigeria, and Kenya.
The app currently has three million users and handles about 80,000 transactions daily on average. Serunjogi also confirmed that they reached $100 million monthly payment value in June. As part of its plan to expand, Chipper Cash will use the funds raised to provide additional products and services as well as extend its services to more countries. Following the demands from its users, the app will also offer more business payment solutions, investment services, and cryptocurrency trading options.
Meanwhile, Chipper Cash has already added the option to buy and sell Bitcoin in beta on its app and website. All users are also eligible to invest in U.S stocks on the app from Africa through a partnership with Drivewealth, a U.S financial services company. However, the stock product will launch in Nigeria first before expanding to other countries.
According to a Forbes report in August, Bezos is now the world’s richest person, being the first person to amass a $200 billion fortune.
Serunjogi believes that the support of well-known investors such as Jeff Bezos is an advantage for Africa as a whole. He said:
“It is a big deal that a world-class investor like Bezos or Ribbit goes into a new area where they previously have not recorded such huge investments. Ultimately, the Africa tech ecosystem will benefit greatly, as it will bring more investors from similar firms to African startups.”