Chipper Hard cash, an African fintech company that specializes in facilitating cross-border payments, lately shut a $100 million Series C funding round. Using the guide in what is now Chipper Cash‘s third fundraising round in the previous twelve months is the enterprise capital (VC) firm, SVB Money. The VC organization is an investment arm of U.S. large-tech industrial lender, Silicon Valley Financial institution.
The New African Fintech Unicorn
Other notable individuals in this Sequence C round involve Deciens Cash, Ribbit Cash as perfectly as the Jeff Bezos backed Bezos Expedition. Following the conclusion of this Sequence C funding round, Chipper Income has now lifted a complete of $143.8 million in just a year. As a consequence, some observers now estimate Chipper Cash’s valuation to be among one particular and two billion pounds.
Notably, with this capital elevate, Chipper Hard cash becomes the hottest African fintech agency to attract the fascination of top venture money companies. Other African fintech get started-ups that equally been given support from significant VC companies include Flutterwave, Tymebank and O Pay back.
Crypto Services and the CBN Prohibition
Chipper Cash’s important cash increase in a limited place of time came as it expanded the vary of solutions it presents. According to a report, the fintech firm now delivers cryptocurrency investing choices as very well as other enterprise payment options. The report also prices Ham Serunjogi, the fintech’s CEO conveying some of the elements that prompted Chipper Dollars to include new companies. He stated:
Our technique to increasing products and solutions and introducing merchandise is dependent on what our users locate precious. As you can picture, crypto is just one technological innovation that has been commonly adopted in Africa and a lot of rising markets. So we want to give them the electric power to obtain crypto and to be in a position to buy, keep and sell crypto anytime.
Even so, the CEO clarifies that Chipper Dollars is not at this time supplying crypto-similar companies to its clients in Nigeria. He cites the Central Financial institution of Nigeria (CBN)’s anti-crypto directive as the sole rationale why the fintech firm can not extend its cryptocurrency-connected expert services to Nigerians.
Serunjogi in the meantime states his corporation is nonetheless “looking forward to any improvement in Nigeria that enables it to be provided freely yet again.”
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