Cross-border remittance and P2P payments platform, Chipper Cash, has raised $6 million in seed funding led by Deciens Capital. Raptor Group also participated in the round.
According to TechCrunch, the firm – which operates in Kenya, Uganda, Tanzania, Rwanda, Ghana and Nigeria – plans to expand into Southern Africa in its bid to become a pan-African entity.
“Chipper is going continental. We are adding more African countries in 2019 and hope to cover the continent in some few years. This way, we will be contributing to connecting our African nations in terms of trade and financial transactions/ financial harmonization.”
Chipper Cash was founded by Ugandan Ham Serunjogi and Ghanaian Maijid Moujaled. The company offers free P2P mobile money services, which is unlike other existing mobile money providers. The platform also aggregates several mobile money wallets and bank accounts onto its platform allowing customers to enjoy its super wallet status.
In May 2019, the startup collected a $2.4 million (about Shs9 billion) in a seed round still led by Deciens Capital. The investment also attracted Joe Montana, a legendary American footballer’s firm called Liquid 2 Ventures and 500 Startups, to be part of the round.
In June 2019, Catalyst Fund, which invests in early-stage ventures working in the financial inclusion sector in emerging markets as well invested $50,000 in Chipper Cash.
This guided the expansion into Nigeria with its free and instant Peer-to-peer cross-border mobile payment solutions.
With over 600,000 active users and over 3 million transactions processed on its platform, Chipper Cash aims to be Africa’s biggest payments platform with its merchant focused platform Chipper CheckOut and its P2P service Chipper Cash.
