African cross-border payments startup Chipper Cash is set to strengthen its payments activities across the continent with the purchase Zambian fintech firm Zoona.
Zoona, which has developed the Tilt brand, facilitates payments and transfers to various banks or mobile money providers in Zambia through a number of cash or digital channel as well as over 450 interoperable agents.
Established in 2008, Zoona has so far processed over $3bn worth of transactions.
The latest deal, whose value has not been divulged, will help Chipper Cash to add new online services and an agent network in order to offer international payments services in Africa and abroad.
The combined entity will also be able to develop new payment and remittance solutions in addition to complementary offerings, including API, disbursements and transfer tools.
The new agreement is subject to receipt of approval from relevant authorities.
Chipper Cash VP of corporate development Laura Kennedy said: “Zoona, together with the highly respected Tilt brand, offers incredible innovation, a great partner network, complementary products and services, and talented in-country teams.
“Bringing these companies together under the Chipper umbrella will mean we can open up even more borders, bringing quality financial services to life in more countries and connecting more people across the continent.”
In June last year, Chipper Cash bagged an investment of $100m in a Series C round to expand its team and introduce new products.
Zoona co-founder and CEO Brett Magrath said: “Zoona and Chipper share a vision to provide innovative and trusted payment and transfer solutions to customers in Africa.
“Working together, we can combine our expertise to connect consumers and businesses across the continent, positioning ourselves as the first choice provider for financial services for the people of Africa.”