African Start-Up Chipper Cash Raises $100 Million In Series C Funding Round. Chipper Cash, a three-year-old start-up that facilitates cross-border payment across Africa, has closed a $100 million Series C round to introduce more products and grow its team.
According to Tech Crunch, In November 2020, the African cross-border fintech start-up raised $30 million Series B led by Ribbit Capital and Jeff Bezos fund Bezos Expeditions. This was after closing a $13.8 million Series A round from Deciens Capital and other investors in June 2020. Hence, Chipper Cash has gone through three rounds totalling $143.8 million in a year. However, when the $8.4 million raised in two seed rounds back in 2019 is included, this number increases to $152.2 million.
SVB Capital, the investment arm of U.S. high-tech commercial bank Silicon Valley Bank led this Series C round. Others who participated in this round include existing investors such as Deciens Capital, Ribbit Capital, Bezos Expeditions, One Way Ventures, 500 Start-ups, Tribe Capital, and Brue2 Ventures.
Chipper Cash is an app-based service that allows users to perform cross-border transactions including payments and fund transfers. The app is greatly admired for its guarantee of zero transaction fees while still helping users perform cross-border transactions between supported African countries.
In addition and as a sign of growth, the company which boasts more than 200 employees plans to increase its workforce by hiring 100 staff throughout the year. The number of users on Chipper Cash has increased to 4 million, up 33% from last year. And while the company averaged 80,000 transactions daily in November 2020 and processed $100 million in payments value in June 2020.
Silicon Valley Bank, a subsidiary of SVB Financial Group, is a U.S.-based high-tech commercial bank. The bank has helped fund more than 30,000 start-ups. SVB is on the list of largest banks in the United States. The bank operates in different countries, e. g. India and Great Britain. The bank is also one of the largest providers of financial services to wine producers in Napa Valley.