Chipper Cash, an African fintech startup that allows cross-border payments, has raised $100 million in a Series C financing.
This was led by SVB Capital, the investment arm of Silicon Valley Bank, a US high-tech commercial bank.
Existing investors Deciens Capital, Ribbit Capital, Bezos Expeditions, One Way Ventures, 500 Startups, Tribe Capital, and Brue2 Ventures also participated in this round.
“We’re not disclosing on the size of our valuation publicly,” Chipper Cash CEO Ham Serunjogi stated.
One of the things I’ve been emphasizing both internally and publicly is that our company’s valuation has not been a priority for us. It’s not something we’re aiming toward. The fact that we have a product that has an impact on our users is what motivates us.”Serunjogi explained.
“Nigeria is home to Africa’s most interesting and thriving IT scene. And it can be directly attributed to CBN for building and supporting an atmosphere that enables startups like ours and others like Flutterwave to thrive,” Serunjogi continued.
The business was founded three years ago. In June 2020, it raised $13.8 million in a Series A round from Deciens Capital and other investors.
In November 2020, it raised another $30 million in a Series B round headed by Ribbit Capital and Jeff Bezos’ firm Bezos Expeditions.
Within a year, the company has raised a total of $143.8 million. It did, however, raise $8.4 million in two seed stages in 2019, bringing the total amount raised to $152.2 million.
Chipper Cash is planning to launch its investment service in Nigeria and Uganda in the near future. The corporation is now in discussions with Nigerian regulators.
Chipper Cash is worth approximately between $1 and $2 billion.
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