StartupLagos
No Result
View All Result
  • Home
  • News
    Nigeria Lending startup, Lidya raises $8.3 million pre-Series B to scale its operations in existing markets

    Nigeria Lending startup, Lidya raises $8.3 million pre-Series B to scale its operations in existing markets

    Business-financing platform, PayHippo raises $1 million Pre-Seed to fund more SMEs in Nigeria

    Business-financing platform, PayHippo raises $1 million Pre-Seed to fund more SMEs in Nigeria

    Fairmoney raises $42 million Series B round led by Tiger Global, reveals plans on evolving into a full-fledged Neobank

    Fairmoney raises $42 million Series B round led by Tiger Global, reveals plans on evolving into a full-fledged Neobank

    Healthtech startup, MDaaS global secures $2.3million seed extension, launches a new product

    Healthtech startup, MDaaS global secures $2.3million seed extension, launches a new product

    Trending Tags

    • funding opportunities
    • African Entrepreneurship Award
  • Startup Stories
  • Startup Advice
  • Features
  • Podcast
  • About Us
Podcast
SUBSCRIBE
  • Home
  • News
    Nigeria Lending startup, Lidya raises $8.3 million pre-Series B to scale its operations in existing markets

    Nigeria Lending startup, Lidya raises $8.3 million pre-Series B to scale its operations in existing markets

    Business-financing platform, PayHippo raises $1 million Pre-Seed to fund more SMEs in Nigeria

    Business-financing platform, PayHippo raises $1 million Pre-Seed to fund more SMEs in Nigeria

    Fairmoney raises $42 million Series B round led by Tiger Global, reveals plans on evolving into a full-fledged Neobank

    Fairmoney raises $42 million Series B round led by Tiger Global, reveals plans on evolving into a full-fledged Neobank

    Healthtech startup, MDaaS global secures $2.3million seed extension, launches a new product

    Healthtech startup, MDaaS global secures $2.3million seed extension, launches a new product

    Trending Tags

    • funding opportunities
    • African Entrepreneurship Award
  • Startup Stories
  • Startup Advice
  • Features
  • Podcast
  • About Us
No Result
View All Result
StartupLagos
No Result
View All Result
Home Africa

3 years old Chipper Cash is the latest unicorn in Africa

Team Startup Lagos by Team Startup Lagos
May 31, 2021
Reading Time: 3 mins read
0 0
0
3 years old Chipper Cash is the latest unicorn in Africa

Just 6 months after world’s richest man Jeff Bezos invested in Chipper Cash, the African fintech startup has gone on to close a $100 million Series C round.

RELATED POSTS

Nigeria Lending startup, Lidya raises $8.3 million pre-Series B to scale its operations in existing markets

Business-financing platform, PayHippo raises $1 million Pre-Seed to fund more SMEs in Nigeria

Fairmoney raises $42 million Series B round led by Tiger Global, reveals plans on evolving into a full-fledged Neobank

The Series C round was led by SVB Capital, the investment arm of Silicon Valley Bank. Other participating investors include Deciens Capital, One Way Ventures, Ribbit Capital, 500 Startups, Bezos Expeditions, Tribe Capital, and Brue2 Ventures. 

With their recent valuation, they become the fastest african startup to achieve the unicorn status i.e a company worth over $1 billion, achieving the amazing feat in just 3 years. Chipper Cash  closed a $30 million Series B led by Ribbit Capital and Jeff Bezos’ fund, Bezos Expeditions in November 2020. The startup had also raised a $13.8 million Series B last June following $8.4 million seed funding back in 2019. All those figures sum up to $152.2 million raised across three rounds..

Chipper Cash was founded in San Francisco in 2018 by Ugandan Ham Serunjogi and Ghanaian Maijid Moujaled. The company offers mobile-based, no fee, P2P payment services in seven countries: Ghana, Uganda, Nigeria, Tanzania, Rwanda, South Africa and Kenya.

Co-founders, Maijid Moujaled and Ham Serunjogi

Parallel to its P2P app, the startup also runs Chipper Checkout — a merchant-focused, fee-based payment product that generates the revenue to support Chipper Cash’s free mobile-money business. The company averaged 80,000 transactions daily in November 2020 and processed $100 million in payments value in June 2020.

According to TechCrunch, the startup plans to leverage the new Series C funding to introduce more products and expand its workforce by adding up to 100 employees. New products will include US stock offerings for users in Nigeria and Uganda. “We’ve launched cards products in Nigeria and we’ve also launched our crypto product. We’re also launching our US stocks product in Uganda, Nigeria and a few other countries soon,” CEO Serunjogi disclosed

The number of users on Chipper Cash is over 4 million, up 33% from last year, due to their presence in 8 african countries (Ghana, Uganda, Nigeria, Tanzania, Rwanda, South Africa and Kenya). The company is committed to Global expansion as Serunjogi announced that they will be expanding outside Africa to the UK market. 

Buy JNews
ADVERTISEMENT

Just like Ribbit Capital and Bezos Expeditions in last year’s Series B, this is SVB Capital’s first foray into the African market. In an email, the managing director of SVB Capital Tilli Bannett, confirmed the fund’s investment in Chipper Cash. According to her, the VC firm invested in Chipper Cash because it has created an easy and accessible way for people living in Africa to fulfil their financial needs through enhanced products and user experiences.

“As a result, Chipper has had a phenomenal trajectory of consumer adoption and volume through the product. We are excited at the role Chipper has forged for itself in fostering financial inclusion across Africa and the vast potential that still lies ahead,” she added.

The promise and potential of the African technology ecosystem isn’t unnoticed by Global tech leaders.

Tags: African UnicornChipper CashUnicorn
ShareTweetShare
Team Startup Lagos

Team Startup Lagos

Startup Lagos is a leading Nigerian media and information platform, known for its end-to-end coverage of the Nigerian startup ecosystem. Starting 5 years ago, Startup Lagos has now become the gateway to the Nigerian startup ecosystem.

Related Posts

Nigeria Lending startup, Lidya raises $8.3 million pre-Series B to scale its operations in existing markets
Funding

Nigeria Lending startup, Lidya raises $8.3 million pre-Series B to scale its operations in existing markets

July 8, 2021
Business-financing platform, PayHippo raises $1 million Pre-Seed to fund more SMEs in Nigeria
Business

Business-financing platform, PayHippo raises $1 million Pre-Seed to fund more SMEs in Nigeria

July 3, 2021
Fairmoney raises $42 million Series B round led by Tiger Global, reveals plans on evolving into a full-fledged Neobank
Funding

Fairmoney raises $42 million Series B round led by Tiger Global, reveals plans on evolving into a full-fledged Neobank

July 2, 2021
Healthtech startup, MDaaS global secures $2.3million seed extension, launches a new product
Funding

Healthtech startup, MDaaS global secures $2.3million seed extension, launches a new product

July 1, 2021
Carbon partners with Visa to offer Debit cards to its customers
Business

Carbon partners with Visa to offer Debit cards to its customers

July 1, 2021
Cowrywise receives license to operate as a Fund/Portfolio Manager from the SEC, becomes the first fintech to do so.
Business

Cowrywise receives license to operate as a Fund/Portfolio Manager from the SEC, becomes the first fintech to do so.

June 29, 2021
Next Post
Google supports small business in Africa

Google supports small business in Africa

FG suspends Twitter operations in Nigeria

FG suspends Twitter operations in Nigeria

Recommended Stories

COVID19 – A Litmus Test for Nigeiran Edtech Startups

COVID19 – A Litmus Test for Nigeiran Edtech Startups

April 12, 2020
African-focused VC, Future Africa announces $3 million investments in 13 startups in 2021

African-focused VC, Future Africa announces $3 million investments in 13 startups in 2021

May 19, 2021
Andela announces expansion to 37 countries around the globe

Andela announces expansion to 37 countries around the globe

April 20, 2021

Popular Stories

  • 8 Active venture capitalist Firms in Nigeria

    4 shares
    Share 4 Tweet 0
  • Paylater launches PayVest, to provide investment opportunities for users

    3 shares
    Share 3 Tweet 0
  • 6 Travel Tech Startups in Nigeria you should know

    10 shares
    Share 10 Tweet 0
  • TradeDepot raises $10m pre-Series B funding for expansion and new financial products

    0 shares
    Share 0 Tweet 0
  • Life Bank Nigeria Launches Digital Blood and Oxygen Bank in Ibadan

    0 shares
    Share 0 Tweet 0
Currently Playing
StartupLagos

We are an authoritative voice of the Nigerian Startup Ecosystem and it has brought to light the amazing stories of thousands of startups, entrepreneurs, technological innovations, businesses and many other constituents of the startup ecosystem

Recent Posts

  • Nigeria Lending startup, Lidya raises $8.3 million pre-Series B to scale its operations in existing markets
  • Business-financing platform, PayHippo raises $1 million Pre-Seed to fund more SMEs in Nigeria
  • Fairmoney raises $42 million Series B round led by Tiger Global, reveals plans on evolving into a full-fledged Neobank

Categories

Follow us

    Go to the Customizer > JNews : Social, Like & View > Instagram Feed Setting, to connect your Instagram account.

© 2020 Startup Lagos - brought to you by Prime Startups.

No Result
View All Result
  • Home
  • Subscription
  • Newsletter Subscription
  • Category
    • Business
    • Culture
    • Economy
    • Lifestyle
    • Health
    • Travel
    • Opinion
    • Politics
    • Tech
    • World
  • Category
    • Business
    • Culture
    • Economy
    • Lifestyle
    • Health
    • Travel
    • Opinion
    • Politics
    • Tech
    • World
  • Landing Page
  • Landing Page
  • Buy JNews
  • Buy JNews
  • Support Forum
  • Support Forum
  • Pre-sale Question
  • Pre-sale Question
  • Contact Us
  • Contact Us
  • Home

© 2020 Startup Lagos - brought to you by Prime Startups.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Add New Playlist

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.