Bezos Expeditions invests again as Chipper Money raises $100 million in Series C spherical


Barely seven months after a $30 million funding spherical in which Jeff Bezos participated, Chipper Money has raised $100 million in a Series C spherical.

The spherical became led by SVB Capital, a US firm investing in an Africa-focused startup for the first time. Existing Chipper Money patrons deal with Deciens Capital, Ribbit Capital, Bezos Expeditions and 500 Startups participated. One Way Ventures, Tribe Capital, and Brue2 Ventures also joined the spherical. 

Chipper Money enables participants to transfer money at zero charges between African international locations. It also presents Chipper Checkout, a paid provider for corporations to to find payments by sharing payment hyperlinks with customers or integrating a button on a net based put or app. 

Sooner than now, the startup became display in Kenya, Ghana, Nigeria, Rwanda, South Africa, Tanzania and Uganda. But Ham Serunjogi, co-founder and CEO, told TechCrunch they’ve now made their companies readily accessible within the UK.

This enlargement comes on the heels of a 33% elevate in customers – from 3 million in November 2020 to 4 million for the time being. Within this era, the firm launched original capabilities to its app including virtual VISA playing cards for online browsing in Nigeria and crypto transactions in South Africa and Uganda. 

“We’re also launching our US stocks product in Uganda, Nigeria and some somewhat just a few international locations soon,” Serunjogi acknowledged.

This Series C marks a daunting upward thrust for a 3-year-weak startup. It became based in 2018 by Serunjogi, a Ugandan, and Maijid Moujaled, a Ghanaian. Three years later, the pair has the truth is helpful the firm to the head bracket of fintech startups on the continent, as a minimal in relation to the quantity of undertaking capital raised. 

Boluwatife Sanwo/TC Insights

Since Would possibly perchance 2019 after they raised $2.4m, the startup’s full funding stands at $152.2m. Serunjogi, the Chipper Money CEO, declined to be particular about what the startup is now price. 

“Clearly, we’re now not coming into into our valuation, but we’re doubtless one of the precious treasured private startup in Africa these days after this spherical,” he acknowledged.

Maijid Moujaled (seated) and Ham Serunjogi, Chipper Money co-founders

In March this year, Flutterwave – a internal most startup in Africa – raised $170m and explicitly acknowledged they were now valued at extra than $1bn. Segunjogi’s commentary suggests that Chipper Money would possibly well unbiased additionally now be price over $1bn, even if they’ve raised $80m lower than the Nigerian fintech.

Like Flutterwave, Chipper Money is headquartered in San Francisco but has over 200 staff determining of Africa and serving African customers. The startup plans to hire as much as 100 team for its rising operations.

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