Chipper Cash, a cross-border payments startup, is reportedly considering a sale, according to a report by Bloomberg. Sources who spoke to Bloomberg claim that the unicorn is weighing its options with both another round of funding and a sale on the cards. In 2021, the startup raised $150 million in a Series C extension round that valued it at over $2 billion.
Since then, it has been hurt by events related to two of its investors — FTX and Silicon Valley Bank. Last year, FTX, a cryptocurrency exchange, shut down after a withdrawal crunch, a similar situation to what happened at SVB last week.
Since December 2022, Chipper Cash has laid off more than 150 employees, with the most recent coming in February 2023.
According to the sources who spoke to Bloomberg, SVB’s collapse is not responsible for these developments, and the company could continue as it is. In response, Chipper Cash denied it was considering a sale, adding it frequently receives M&A proposals.
“It’s been fairly common practice for us to receive various M&A proposals from different parties, which we evaluate to varying degrees. That being said, we have never sought to be acquired.”