African cross-border payments startup Chipper Cash has reportedly secured $100m funding in a Series C funding round to bolster its team and roll out new offerings.
The round was led by SVB Capital with participation from Ribbit Capital, One Way Ventures, Deciens Capital, Tribe Capital, Brue2 Ventures, 500 Startups, and Bezos Expeditions, reported TechCrunch.
Launched by Ham Serunjogi and Maijid Moujaled in 2018, Chipper Cash provides mobile-based, no fee, P2P payment services.
The latest funding follows the firm’s $30m Series B financing round in last November and $13.8m Series A round in June 2020.
In 2019, the startup raised a total of $8.4m through two seed funding rounds.
The firm has a footprint in seven African countries; namely, Ghana, Uganda, Nigeria, Tanzania, Rwanda, South Africa, and Kenya.
Last year, Chipper Cash expanded its services to the UK.
As of November 2020, Chipper Cash had three million users and processed around 80,000 transactions each day.
The company hit a monthly payment value of $100m in June last year.
Last year, Chipper rolled out a crypto product and launched card offerings in Nigeria.
Chipper Cash CEO Ham Serunjogi told TechCrunch: “Our approach to growing products and adding products is based on what our users find valuable.
“As you can imagine, crypto is one technology that has been widely adopted in Africa and many emerging markets. So we want to give them the power to access crypto and to be able to buy, hold, and sell crypto whenever.”
Chipper Cash, which currently employs 200 people, plans to hire additional 100 people throughout this year.