African Fintech Startup Chipper Cash Raises $30M in Series B Round
Chipper Cash, a leading African cross-border fintech startup, has successfully closed a $30 million Series B funding round. The investment was led by Ribbit Capital, with participation from Bezos Expeditions—the personal venture capital fund of Amazon CEO Jeff Bezos.
About Chipper Cash
Founded in 2018 by Ham Serunjogi (Ugandan) and Maijid Moujaled (Ghanaian), Chipper Cash provides fee-free mobile P2P payment services across seven African countries:
- Ghana
- Uganda
- Nigeria
- Tanzania
- Rwanda
- South Africa
- Kenya
In addition to its P2P platform, the company operates Chipper Checkout, a merchant-focused payment solution that generates revenue to sustain its free mobile-money services.
Growth and Expansion Plans
Chipper Cash has experienced rapid growth, boasting:
- 3 million users on its platform
- 80,000 daily transactions
- $100 million monthly payment volume (as of June 2020)
The Series B funding will fuel expansion into:
- New financial products: Cryptocurrency trading and stock investments (via a partnership with DriveWealth)
- Business payment solutions: Enhanced API integrations for merchants
- Geographic expansion: Additional African markets by end of 2021
Why This Funding Matters
Jeff Bezos’ investment marks a significant milestone for Africa’s fintech ecosystem, which has seen:
- Fintech as the highest-funded tech sector ($2B+ VC investment in 2019)
- Growing interest from global investors (e.g., Visa’s backing of Interswitch, Stripe’s acquisition of Paystack)
- Increased focus on financial inclusion (66% of Sub-Saharan Africa remains unbanked)
Founder’s Perspective
Ham Serunjogi, Chipper Cash CEO, emphasized the broader impact:
“When world-class investors like Bezos or Ribbit venture into new markets, it benefits the entire African tech ecosystem. This will attract more high-caliber investments to African startups.”
The Road Ahead
With this funding, Chipper Cash is poised to:
- Strengthen its position as a pan-African fintech leader
- Drive financial inclusion through innovative products
- Potentially follow in the footsteps of African unicorns like Jumia and Interswitch
Image Credits: Chipper Cash, TechCrunch/Bryce Durbin
