Chipper Cash Gets $2B Valuation With $150M Extension Round Led By Ftx
11/02/21, 5:00 AM
Money raised
$150 million
Chipper Cash, an African cross-border payments company, has raised $150 million in a Series C extension round led by Sam Bankman-Fried’s cryptocurrency exchange platform FTX.
Company Info
Additional Info
During TechCrunch’s last conversation with CEO Ham Serunjogi, when the company announced its Series C round, he called Chipper Cash “the most valuable private startup in Africa” without specifics on the actual value. This year, the company began to make strides outside the continent. The company will roll out the service to users in Ghana, South Africa and Kenya before the end of the year. The social media company integrated with some payments platforms to make it accessible in different regions. Last month, the company raised a $420 million round at a $25 billion valuation. The FTX boss added that FTX’s partnership with Chipper Cash is to “make money transfer as simple as a text message and accelerate the adoption of crypto within Africa and beyond.”Given Bankman-Fried’s statement and Chipper Cash crypto tests in Uganda and South Africa, it is hard not to see the company using crypto to effect its peer-to-peer money movement within and outside the continent.Twitter Tip Jar lets you pay people for good tweetin’Another instance where the partnership proves beneficial is with Chipper Cash’s network APIs. Serunjogi founded Chipper Cash with Maijid Moujaled in 2018 to offer a no-fee peer-to-peer cross-border payment service in Africa via its app. Well, Serunjogi can confirm that Chipper Cash is indeed one now, as this extension round takes its valuation slightly above $2 billion. “More important to that is that we are now the first ones that I know honestly to be able to support Africa to the U.S. in terms of sending money.” Platforms such as WorldRemit already allow specific African countries like South Africa to send money to the U.S., so Chipper Cash is not entirely the first to try to offer such a service. Chipper Cash is FTX’s first investment in Africa and continues the plethora of signs pointing to serious crypto growth and recognition on the continent.