![]() Sam Bankman-Fried runs the company and is also the co-founder of Alameda Research, a quantitative trading platform. Last month, the company raised a $420 million round at a $25 billion valuation. shows the growth opportunity for Chipper Cash and the funding from FTX only makes it more glaring.įTX is one of the largest cryptocurrency derivatives exchanges in the world. The partnership with Twitter and cross-border expansion to the U.S. SVB-led $100M investment makes Chipper Cash Africa’s ‘most valuable startup’ “And Twitter worked with us on this given our presence as the largest cross-border payments platform in Africa that could support multiple countries for Africans using Twitter.”Ĭhipper Cash plans to make its Tip Jar integration accessible for users in the U.S. “The idea for Twitter and ourselves is to offer multiple ways for creators to be able to be paid for their work and their contribution online,” said Serunjogi. The social media company integrated with some payments platforms to make it accessible in different regions.Īs creators in developed markets can select PayPal, Patreon, GoFundMe, Cash App and Venmo to receive tips, Chipper Cash was picked to offer the service to African creators through its payments link. Earlier this year, Twitter launched its Tips feature, also known as Tip Jar, to allow creators to receive money on its platform. the CEO says that users in Uganda, South Africa and Kenya will be the first to get access next year.Ĭhipper Cash has also been busy tapping into the world of social payments. The company will roll out the service to users in Ghana, South Africa and Kenya before the end of the year.įor outflow payment services - sending money from Africa to the U.S. to Nigeria and Uganda is currently live for users in those markets. With that said, Serunjogi says peer-to-peer money movement from the U.S. Platforms such as WorldRemit already allow specific African countries like South Africa to send money to the U.S., so Chipper Cash is not entirely the first to try to offer such a service. “More important to that is that we are now the first ones that I know honestly to be able to support Africa to the U.S. ![]() “Chipper Cash is offering remittances considerably cheaper than anyone else,” Serunjogi told TechCrunch over a call. Though the margins for remittances are small, the market has grown exponentially for the better part of the past decade, except last year when total remittances stood at $42 billion, down from $48 billion in 2020, per the World Bank.Ĭonsidering how expensive it is to send money to sub-Saharan Africa (it is the most expensive region to send money globally), Chipper Cash’s play is to offer the “best prices” and also facilitate money movement from Africa to the U.S. is responsible for almost 30% of the international remittances to sub-Saharan Africa. to Africa corridor with established players such as Wise, MoneyGram, Sendwave and Remitly the U.S. Last month, Chipper Cash, with over four million users, ventured into the already competitive U.S. ![]() Its services are used across seven African countries - Ghana, Uganda, Nigeria, Tanzania, Rwanda, South Africa and Kenya. Serunjogi founded Chipper Cash with Maijid Moujaled in 2018 to offer a no-fee peer-to-peer cross-border payment service in Africa via its app. Well, Serunjogi can confirm that Chipper Cash is indeed one now, as this extension round takes its valuation slightly above $2 billion. The statement was left open for interpretation and several debates have sparked since then on whether Chipper Cash is a unicorn or not. ![]() The company’s total Series C stands at $250 million but its total funding to date is over $305 million.ĭuring TechCrunch’s last conversation with CEO Ham Serunjogi, when the company announced its Series C round, he called Chipper Cash “the most valuable private startup in Africa” without specifics on the actual value. While new investors also participated, they remain unnamed at the moment. SVB Capital reinvested in this extension round and other existing investors such as Deciens Capital, Ribbit Capital, Bezos Expeditions, One Way Ventures and Tribe Capital. The investment comes barely six months after Chipper Cash closed its first Series C round of $100 million, led by SVB Capital, the corporate venture capital arm of SVB Financial Group. Chipper Cash, an African cross-border payments company, has raised $150 million in a Series C extension round led by Sam Bankman-Fried’s cryptocurrency exchange platform FTX.
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