Chipper Cash – A Payments Startup Leading The FinTech Market In Africa raises 13.8 M series A Funding

Chipper Cash - A Payments Startup Leading The FinTech Market In Africa raises 13.8 M series A

About Chipper Cash

With Chipper Cash, money transfer should now be possible in a flash. The platform has made sending money across Africa as basic as accepting it. 

That is not all. You can also utilize Chipper Cash for online installments: airtime recharge, pay your digital TV, web, and to pay utility bills.

Things to know about Chipper Cash:

  • Platforms: Available on Android and iOS.
  • Countries serving: Nigeria, Kenya, Uganda, Tanzania, Rwanda, South Africa, and Ghana.
  • Transfer limits: Limits vary by country.
  • Transfer fees: None.

Chipper Cash lets you send cash to other enrolled Chipper Cash clients on your phonebook. You can likewise send cash to your contacts that aren’t enrolled on Chipper Cash. The beneficiary will be provoked (by means of SMS) to make a Chipper Cash record to get the assets.

The official Naira to Kenya Shillings was Ksh 1 = ₦3.62. On Chipper Cash, Ksh 1 = ₦3.88. These rates are a lot of sensible and the best you’d get out there — contrasted with other cash move and bill installments applications.

In the event that you are out of cash, or maybe somebody owes you, the ‘Solicitation’ highlight of the Chipper Cash application lets you demand cash from your contact list or other Chipper Cash clients.

In good spirits Cash has a few measures set up to help shield your record and assets. At whatever point you sign out of the Chipper Cash application, you will be required to experience Two-Step Authentication (through SMS) before you can log again into your record

The application additionally has a Security Lock include that will incite you to enter your Chipper PIN each time you close the application. This is an additional layer of security that will forestall any individual who approaches your gadget from opening your Chipper Cash dashboard without your approval. You could flip on the ‘Shroud Balance’ to disguise your equalization from the home screen.

By and large, the Chipper Cash is extraordinary; it’s an application for the regular African cell phone client. The application is all around planned and in particular, simple to-explore.

The broadcast appointment rebate and zero charges on charge installments will likewise — in total—spare you a lot of cash. Cash move, charge installments, cash stores, and so forth all happen in a flash.

Cross-outskirt moves are similarly as quick as nearby settlements. There’s in-application support.

Strategies used by Chipper Cash/ that can be used while developing Chipper Cash clone app: 

  1. No expenses on nearby and cross-outskirt exchanges.
  2. No danger of chargeback or instalment inversions conveyed by other instalment techniques.
  3. Usability when financing and pulling back from Chipper Cash by means of portable cash.
  4. The startup is hoping to put more assets into Anti-Money Laundering (AML) includes and guarantee consistency as it extends over the landmass.

Chipper Cash making headway in the Market

African cross-fringe fintech startup Chipper Cash has shut a $13.8 million Series A subsidizing round driven by Deciens Capital and plans to recruit 30 new staff universally. The raise tops an occasion filled run for the San Francisco-based installments organization, established two years prior by Ugandan Ham Serunjogi and Ghanaian Maijid Moujaled.

The two came to America for scholastics, met in Iowa while learning at Grinnell College and wandered out to Silicon Valley for spells in huge tech: Facebook for Serunjogi and Flickr and Yahoo! for Moujaled. 

The startup call allured and in the wake of propelling Chipper Cash in 2018, the team persuaded 500 Startups and Liquid 2 Ventures — helped to establish by American football legend Joe Montana — to back their organization with seed reserves.

Two years and $22 million in all out capital raised later, Chipper Cash offers its portable based, no expense, P2P installment administrations in seven nations: Ghana, Uganda, Nigeria, Tanzania, Rwanda, South Africa and Kenya.

“We’re currently at more than one and a half million clients and doing over a $100 million dollars per month in volume,” Serunjogi told TechCrunch on a call. In good spirits Cash doesn’t discharge evaluated budgetary information, however shares inner execution bookkeeping with financial specialists.

Deciens Capital and Raptor Group co-drove the startup’s Series A financing, with rehash support from 500 Startups and Liquid 2 Ventures. Deciens Capital author Dan Kimerling affirmed the store’s lead on the venture and audit of Chipper Cash’s installment worth and volume measurements.

Corresponding to its P2P application, the startup likewise runs Chipper Checkout, a vendor centered, charge based portable installment item that creates the income to help Chipper Cash’s free versatile cash business.

The organization will go through its most recent round to recruit 30 individuals across activities in San Francisco, Lagos, London, Nairobi and New York, as per Serunjogi.

The Chipper Fund for Black Lives will offer five to 10 awards of $5,000 to $10,000. “The arrangement is to offer that to… individuals or causes who are advancing social equity changes,” said Serunjogi. 

In Africa, Chipper Cash has set itself in the landmass’ major computerized installments markets. As a division, fintech has become Africa’s most noteworthy subsidized tech space, accepting the heft of an expected $2 billion in VC that went to new businesses in 2019.

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