Jeff Bezos Funds African Fintech Start-Up Chipper Cash - Kalkine Media

November 24, 2020 01:37 AM AEDT | By Kunal Sawhney
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Jeff Bezos seems to have broadened the bouquet of his investments as the world’s richest person has recently co-funded an African FinTech firm specialising in business payments, peer-to-peer (P2P) cash transfer and cryptocurrency trading including the most widely traded crypto-asset bitcoin.

Jeff Bezos, the chief conceptualiser of the world’s biggest e-commerce firm Amazon and one of the most notable leaders across the globe, boasts a sizable stake in various small-to-large-scale technology-rooted enterprises. Bezos, via his VC arm Bezos Expeditions, has invested in various businesses of different scale and industry including Airbnb, Uber, Business Insider, Twitter and Workday.

Chipper Cash Series B funding

Chipper Cash was established as a FinTech company offering P2P money transfer solutions for merchants, as well as the business for processing the in-store payments and settlements done through online medium. Chipper Cash, a tech start-up founded in 2018, has managed to raise a Series B funding of $30 million. The California-based venture capital (VC) and private equity (PE) firm Ribbit Capital-guided Series B funding round of Chipper Cash also had the backing from Jeff Bezos’ personal VC fund Bezos Expeditions.

Chipper Cash, the FinTech firm jointly founded by Ugandan Ham Serunjogi and Ghanaian Maijid Moujaled, now operates in as many as eight countries including the United Kingdom, South Africa, Kenya, Ghana, Rwanda, Nigeria, Tanzania, and Uganda.

Serunjogi announced the finalisation of Series B round of funding, expressing his excitement to have Jeff Bezos and Ribbit Capital as the contributing partners in the company. As per CEO Serunjogi, Chipper Cash has achieved monthly payments to the tune of $100 million in June 2020.

Business areas

The San Francisco-based FinTech company expanded its areas of operations by including virtual Visa cards, stock market trading, and trading of cryptocurrencies. Under the crypto trading platform of Chipper Cash, the company has been offering buying and selling of bitcoin on the basis of real-time pricing any time during the day.

Additionally, the company has been trying to facilitate a stock market trading platform across Africa with the help of which people can invest in fractional shares starting from $1. Under the stock market trading facility launched by Chipper Cash, people sitting in Africa can get the exposure of investing in shares listed on the US stock exchanges such as Apple, Amazon, Tesla, Microsoft, Facebook, etc.

Chipper Checkout, a business solution under the umbrella of Chipper Cash, has been launched to enable cross-border, as well as local payments for businesses of any size. According to Chipper, the company has been streamlining the payments structure of buying and selling on social media and instant messaging applications and web portals.

With Chipper Checkout, businesses and merchants can receive funds via designated payment links in all the aforementioned countries barring Tanzania. With Chipper Checkout, the payment buttons can be integrated with the website and application. Other than the payments business, crypto trading, stock market investing, P2P money transfers and merchant solutions, Chipper Cash has been apparently planning to initiate bill payment facility.


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