Finance

Chipper Cash closes a $100 million Series C funding, earning a unicorn status

Monday, 31 May 2021 12:33
Chipper Cash closes a $100 million Series C funding, earning a unicorn status

(Ecofin Agency) - Chipper Cash, a fintech platform that offers cross-border money transfer services, has raised $100 million in Series C funding to introduce more products and grow its team. With three years in existence, the company has a presence in Ghana, Uganda, Nigeria, Tanzania, Rwanda, South Africa, Kenya, and the United Kingdom.

The Series C round was led by SVP Capital with participation from existing investors including Deciens Capital, Ribbit Capital, Bezos Expeditions, One Way Ventures, 500 Startups, Tribe Capital, and Brue2 Ventures. The African cross-border fintech has raised funding totaling $151.9 million from 2019 to date.

Africa's tech ecosystem is gradually maturing as the sector sees a growing manifestation of unicorn status. It should be noted that the first quarter of 2021 ended with two African fintech companies, Airtel Money and Flutterwave, gaining unicorn status despite a raging global pandemic. As of this month, Chipper Cash has joined the list for this year, and OPay last week announced it was in talks to raise up to $400 million also.

Africa now has, including the above-mentioned, seven fintech unicorns in its digital economy. The other four are namely local Egyptian-based Fawry, Vodacom and Safaricom acquisition of MPESA, Nigerian-based Interswitch, and Jumia.

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