Chipper Cash lands unicorn status with $150m Series C extension
African cross-border payments firm Chipper Cash has raised $150 million in a Series C extension round.
The round, led by crypto exchange platform FTX, adds to the initial $100 million funding secured in June led by Silicon Valley Bank’s investment arm SVB Capital and brings the company’s total funding to date to over $305 million.
Chipper Cash CEO Ham Serunjogi confirmed to TechCrunch that thanks to the extension, the firm can now count itself among Africa’s fintech unicorns, with a valuation slightly above $2 billion.
Founded in 2017 by Serunjogi and Maijid Moujaled, the start-up operates across seven African nations — Ghana, Uganda, Nigeria, Tanzania, Rwanda, South Africa and Kenya — and provides no-fee peer-to-peer (P2P) cross-border payment services.
The two founders previously worked at Big Techs in Silicon Valley — Serunjogi at Facebook and Moujaled at Flickr and Yahoo.
Chipper Cash now counts four million people as regular users of its services.
SVB Capital added to their previous investment in this extension round alongside a number of other existing investors, including Deciens Capital, Ribbit Capital, Bezos Expeditions and Tribe Capital.