Chipper Cash Investment: A Guide To Getting Started

Chipper Cash is a fintech platform that offers mobile, cross-border money transfer services. It was founded in San Francisco in 2018 by Ugandan Ham Serunjogi and Ghanaian Maijid Moujaled. The company offers mobile-based, no-fee, peer-to-peer (P2P) payment services in seven countries: Ghana, Uganda, Nigeria, Tanzania, Rwanda, South Africa, and Kenya. In addition to its P2P app, Chipper Cash also runs Chipper Checkout, a merchant-focused, fee-based payment product. The company has scaled to 3 million users and processes 80,000 transactions daily. Chipper Cash has raised $30 million in Series B funding, backed by Jeff Bezos, and plans to expand its products and geographic scope. With a free Chipper account, users can unlock international transfers, payment cards, and investing for Africans, including the ability to trade fractional shares of global companies like Google, Visa, and Walmart, starting with just $1.

Chipper Cash's $30 million Series B funding round

Chipper Cash, a fintech platform that offers mobile, cross-border money transfer services, raised $30 million in a Series B funding round in November 2020. The funding round was led by Ribbit Capital, an American VC firm that invests in early-stage startups. Chipper Cash was founded in San Francisco in 2018 by Ugandan Ham Serunjogi and Ghanaian Maijid Moujaled. The company offers mobile-based, no-fee, P2P payment services in seven African countries: Ghana, Uganda, Nigeria, Tanzania, Rwanda, South Africa, and Kenya.

At the time of the Series B funding round, Chipper Cash had already raised a significant amount of funding in previous rounds. The company raised $2.4 million in seed funding in May 2019 and $6 million in a Series A round seven months later. With the new funding, Chipper Cash aimed to expand its products and geographic scope. This included offering more business payment solutions, cryptocurrency trading options, and investment services.

One of the unique features of Chipper Cash is that it allows free transfers to and from the countries it operates in. While this may raise questions about the startup's revenue stream, Chipper Cash has launched a merchant-focused, fee-based payment product called Chipper Checkout to support its cross-border transactions. This strategy is similar to PayPal's early playbook, where the consumer-to-consumer side of the business remained free while the merchant side was monetized.

In addition to Ribbit Capital, the Series B funding round also included participation from Bezos Expeditions, the personal VC fund of Amazon CEO Jeff Bezos. This marked the first time that Bezos had invested in an African tech company. Chipper Cash's total funding amount and valuation have grown significantly since the Series B funding round. As of November 2024, the company has raised a total of $305 million in funding over six rounds, with a valuation of $1.25 billion.

Chipper Cash's expansion plans

Chipper Cash, a prominent African fintech startup, has experienced rapid growth and expansion across several African nations since its founding in 2017. The company offers a no-fee peer-to-peer cross-border payment service in Africa via its app, making it easy to transfer money across borders as simple as sending a text message.

In May 2021, Chipper Cash expanded its services to the United Kingdom, enabling individuals to send money from the UK to its African markets. This move marked the company's first stride outside the African continent.

Later in 2021, Chipper Cash ventured into the competitive US-to-Africa money transfer market, targeting the African diaspora. This expansion allowed users in the US to send money to Nigeria and Uganda, with plans to extend the service to Ghana, South Africa, and Kenya.

In 2023, Chipper Cash achieved a significant milestone by issuing one million virtual cards, becoming the largest issuer of virtual cards in Africa. The company also expanded its services to Rwanda and completed the acquisition of Zoona/Tilt in Zambia and South Africa, further solidifying its presence in the region.

Despite facing challenges and setbacks, such as the suspension of its international money transfer services from the US in January 2024 due to a terminated bank partnership, Chipper Cash remains committed to its expansion plans. The company has demonstrated resilience and adaptability, focusing on profitability and sustainability while continuing to serve its growing customer base.

Chipper Cash's investment services

Chipper Cash is a fintech platform that offers mobile, cross-border money transfer services. It was founded in 2017 in San Francisco, California, by Ugandan Ham Serunjogi and Ghanaian Maijid Moujaled. Chipper Cash initially gained a foothold in the market as a peer-to-peer (P2P) payments service, but has since expanded its services.

Chipper Cash Investment Services

Chipper Cash offers investment services that allow users to trade fractional shares of global companies. With Chipper Stocks, users can invest in companies like Google, Visa, and Walmart with as little as $1. The platform also enables users to buy and sell Bitcoin and invest in U.S. stocks from Africa through a partnership with U.S. financial services company DriveWealth.

The company's Series B funding round, backed by Jeff Bezos, has provided capital for Chipper Cash to expand its products and geographic scope. Chipper Cash plans to launch its stock investment product in Nigeria first, allowing Nigerians to buy fractional stocks of companies like Tesla, Apple, and Amazon through the Chipper Cash app. The company will then expand into other countries.

In addition to its investment services, Chipper Cash continues to focus on its core P2P money transfer services, which are available in seven countries: Ghana, Uganda, Nigeria, Tanzania, Rwanda, South Africa, and Kenya.

Chipper Cash's cryptocurrency trading options

Chipper Cash is a fintech platform that offers mobile, cross-border money transfer services. It also allows users to buy, sell, and hold cryptocurrencies in their Chipper wallet. The "Invest" tab on the Chipper Cash App is where users can access these cryptocurrency trading options.

To get started with buying or selling cryptocurrency on Chipper, users must first click on the "Invest" tab and read the disclaimer carefully before continuing. Once they have understood the risks, they can choose to buy or sell by clicking on the respective option. Next, they enter the amount they wish to buy or sell and confirm the transaction. The transaction is then completed instantly. It is important to note that the price of any cryptocurrency is determined by global demands and not by Chipper Cash.

Chipper Cash currently supports various crypto assets and their respective on-chain networks, including Bitcoin (BTC Network and BTC Lightning Network), Ethereum (Ethereum Network), USDC/USDT (Ethereum Network, TRON Network, Solana Network, and Polgon Network), Dogecoin (Dogecoin Network), Solana (Solana Network), Matic (Polygon Network), AVAX (Avalanche C-Chain Network), Uniswap (Ethereum Network), and LiteCoin (Litecoin Network).

It is worth noting that the crypto feature on Chipper Cash is currently only available for new users in Uganda, and trading cryptocurrencies is considered a highly speculative activity due to the volatile nature of the market.

Chipper Cash's business payment solutions

Chipper Cash is a fintech platform that offers mobile, cross-border money transfer services. It is a financial services company that features a software application platform that enables free instant cross-border mobile money transfers in Africa. Chipper Cash's business payment solutions are designed to empower businesses to transact across Africa. The company offers seamless disbursements and collections across the continent, serving businesses of various sizes, sectors, and markets.

With Chipper for Business, organisations can send funds to mobile money or bank accounts in real time. The platform offers disbursement methods such as bank accounts, mobile money wallets, and Chipper wallets. Additionally, Chipper for Business enables secure transactions across Africa to mobile wallets or bank accounts. The company prioritises the security of transactions with advanced encryption and security measures, backed by online support.

Furthermore, Chipper Cash provides competitive transactional and FX pricing. With Chipper, businesses can send and receive funds across multiple markets, methods, and currencies. The platform offers settlement in one global currency, such as USD or EUR, at competitive rates. Chipper's business payment solutions aim to empower businesses with efficient, secure, and cost-effective transactions across Africa and beyond.

Overall, Chipper Cash's business payment solutions offer a combination of extensive geographical reach, intuitive technology, security, and competitive pricing. The platform is trusted by businesses from various industries, including manufacturers, construction firms, retailers, and insurance firms.

Frequently asked questions