Chipper Cash, a mobile cross-border money transfer platform focused on African markets, has raised a seed round of $6 million.
Led by Deciens Capital, this is the second seed round raised by the San Francisco-based startup following the $2.4 million it raised back in May from 500 Startups and Liquid 2 Ventures.
Ham Serunjogi, CEO of the startup, confirmed this in a tweet.
Excited to announce our $6M extended seed round. 2019 has been one for the books and we're grateful to our Chipper Community everywhere for being on this journey with us. From all of us @chippercashapp, happy holidays and here's to an incredible 2020😁🎉 – https://t.co/QR6SpQOKGLAdvertisement
— Ham Serunjogi (@HSerunjogi) December 17, 2019
The startup began operations in October 2018 with a value proposition of offering a no-fee cross-border P2P mobile payment service. Since that time, it has expanded into six countries — Ghana, Kenya, Rwanda, Uganda, Tanzania, and Nigeria.
Prior to its expansion into Nigeria in September, it was reported that startup had as many as 70,000 active users while processing over 250,000 transactions. Now, however, Serunjogi says the startup has more than 600,000 active users with 3 million transactions processed on the platform.
With presence in East and West African markets, the startup will use the new funds to expand into South African territory.
“Southern Africa is an area we’re looking to expand to in 2020,” Serunjogi told TechCrunch.
This will make the startup present in all three markets dominating digital finance in Africa with fintech startups in Nigeria, Kenya, and South Africa accounting for 65.2% of African fintech startups.
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Nigerian startups raised $55.4m in Q1 2020; over 99% of which came from foreign sources. Find out more when you download the full report.