The African cross-border fintech startup Chipper Cash has raised a $6 million seed round led by Deciens Capital. It is a San-Francisco based company that offers mobile-based, no fee, P2P payment services in six countries: Ghana, Uganda, Nigeria, Tanzania, Rwanda and Kenya.The company announced using the capital to grow its team and move into new geographic areas, as told by CEO Ham Serunjogi. They are looking to expand the company in the Southern part of Africa in the coming year 2020. The company had an eventful year as they were busy with Africa’s fintech scene. After its inception, the company Chipper Cash has raised $2.4 million in May 2019. The company was co-founded by American football icon Joe Montana. In the month of September, Chipper Cash grew into what is now said to be Africa’s largest fintech market, Nigeria. With its newest round, the startup has generated more than $8 million in seed capital. Members in the $6 million financings involve previous investors, and a few extra backers, such as Boston-based Raptor Group.The co-founder of Deciens Capital, Dan Kimerling declared the fund’s lead on the most recent round and that he will maintain his role on Chipper Cash’s board.The fintech company, co-founded by Ghanaian Maijid Moujaled has more than 600,000 current users and has processed more than 3 million deals on its no-fee, P2P, cross-border mobile-money payments product, as Serunjogi stated to TechCrunch.Chipper Checkout: a merchant-focused, fee-based C2B mobile payment product which raises revenue to support Chipper Cash’s free mobile-money business is also a part operated by the startup. The startup’s intended move to Southern Africa that is said to be the home to the continent’s second-largest and most high-level economy of South Africa. This step will place Chipper Cash in all three corners of Africa’s triangle of heading digital finance markets.There are several payments startups all over Africa looking to bring the continent’s vast unbanked communities onto mobile finance applications. Some apps like M-Pesa in Kenya, have achieved in reaching tens of millions. But, one aspect of thriving African fintech apps is that their use has been geographically divided, with few apps able to scale widely beyond borders.Chipper Cash promotes its capacity to grow its P2P product in several countries in 2019, including Nigeria. Serunjogi emphasised the necessity to move to the West African nation earlier this year. Nigeria is the greatest economy and has the largest number of population. Its fintech industry is one of the most superior in Africa and the most is up there with Kenya and South Africa.According to Partech stats, a number of players were on the identical wavelength that as Nigerian fintech gained $360 million in VC in November the equivalent of about one-third of all the startup money raised in Africa in 2018. Part of this venture penetration was guided to likely Chipper Cash competitors.In two separate rounds, Chinese investors put $220 million into OPay and PalmPay. With these two fledgeling payment startups, they have plans to ascend in Nigeria and the wider continent. That money belittles rounds raised by other P2P-focused fintech firms, such as Chipper Cash.Serunjogi points to Chipper Cash’s gratis-payment structure while talking about the strategy of startup to face these new opponents with big coffers. He stated money doesn’t buy product-market fit. It doesn’t buy the latest victory in this space.The company offers products for free since they are not in a pricing war or competing on a dollar-to-dollar basis. The company is focused on pure utility war on who can provide the most value to our users. The company is planning a long-term value proposition will speak for itself over time. We will keep a tab on Chipper Cash's progress in the new year and know the race to scale digital payments across Africa’s 1.2 billion people.

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