African payment startup Chipper Cash raises $13.8M Series A

19 June 2020

Money Transfer

African cross-border fintech startup Chipper Cash has closed a $13.8 million Series A funding round led by Deciens Capital and plans to hire 30 new staff globally.

 

The raise caps an event-filled run for the San Francisco-based payments company, founded two years ago by Ugandan Ham Serunjogi and Ghanaian Maijid Moujaled.

 

The two came to America for academics, met in Iowa while studying at Grinnell College and ventured out to Silicon Valley for stints in big tech: Facebook for Serunjogi and Flickr and Yahoo! for Moujaled.

 

The startup call beckoned and after launching Chipper Cash in 2018, the duo convinced 500 Startups and Liquid 2 Ventures — co-founded by American football legend Joe Montana — to back their company with seed funds.

 

Two years and $22 million in total capital raised later, Chipper Cash offers its mobile-based, no fee, P2P payment services in seven countries: Ghana, Uganda, Nigeria, Tanzania, Rwanda, South Africa and Kenya.

 

“We’re now at over one and a half million users and doing over a $100 million dollars a month in volume,” Serunjogi told TechCrunch on a call.

 

Chipper Cash does not release audited financial data, but does share internal performance accounting with investors. Deciens Capital and Raptor Group co-led the startup’s Series A financing, with repeat support from 500 Startups and Liquid 2 Ventures .

 

Deciens Capital founder Dan Kimerling confirmed the fund’s lead on the investment and review of Chipper Cash’s payment value and volume metrics.

 

Parallel to its P2P app, the startup also runs Chipper Checkout, a merchant-focused, fee-based mobile payment product that generates the revenue to support Chipper Cash’s free mobile-money business.

 

The company will use its latest round to hire up to 30 people across operations in San Francisco, Lagos, London, Nairobi and New York, according to Serunjogi.

Source: TechCrunch