If there's one fintech that's been in vogue in recent years, it's Chipper Cash, the new unicorn from Africa. The company, founded in 2018 by Maijid Moujaled and Ham Serunjogi, has developed a cross-border mobile payment solution including, among other things, a cryptocurrency-based exchange service. Among the many international players who have invested several million euros in the project, Amazon boss Jeff Bezos has chosen to partner the rising start-up.

Who is behind Chipper Cash? How does the mobile payment application work? What about fundraising and the company's future? Zoom in on the African unicorn.

What is Chipper Cash?

Chipper Cash is an African mobile payment application that you can use use at any time and free of charge. Now established in many countries, mainly in Africa, the fintech offers its users the possibility of sending money to peers, notably via cryptocurrency (bitcoin) transactions, and of convert them into local currency.

An African fintech

Behind Chipper Cash are Ugandan Ham Serunjogi and Ghanaian Maijid Moujaled, former employees of Facebook, Flickr or Yahoo. The two entrepreneurs chose to enter the world of cryptocurrency and payment apps in Africa in 2018. 

Two years later, in 2020, Chipper Cash is present in seven countries on the continent: Ghana, Uganda, Nigeria, Tanzania, Rwanda, South Africa and Kenya, as well as recently in the UK and the USA.

The duo is well aware of the potential of the African market: in recent years, Africa has experienced a considerable economic and demographic boom, making it one of the most attractive territories for investors. one of the most attractive territories for investors. As the second most populous continent on earth, with over 1.2 billion inhabitants, Africa is an area for entrepreneurs to take by storm, and Chipper Cash intends to play its part by expanding its business on a continental and global scale.

Who is Chipper Cash for?

An attractive project with a futuristic vision, Chipper Cash already has 4 million users and more than 10,000 new users every day. The company intends to take advantage of a booming market to expand its business.

Whether you are an individual or a retailer, Chipper Cash is an extremely practical tool. The mobile payment application lets you send money to whomever you want, instantly and without bank charges. What's more, with the new Chipper Checkoutfeature, budding investors and cryptocurrency connoisseurs can now convert their currency into bitcoins with just a few simple clicks.

What is the purpose of this payment application?

Chipper Cash is a peer-to-peer (P2P) payment application, as well as a local and international payment application for merchants (Chipper Checkout). It enables users worldwide to to send and receive money in several African countrieswith ease.

Unlike platforms like Remitly or WorldRemit, the app has played big by leveraging a range of services built around cryptos. Thanks to the Chipper Cash app, users can now not only convert their local currency into bitcoins, but also buy and sell bitcoins whenever they like: a revolution on a fast-developing continent!

Chipper Cash is comparable to Lydia, one of the most widely used mobile payment apps in France, but with the distinctive feature of presenting cryptocurrency-related functionalities. Easy to use and instinctive, the mobile app presents itself as an indispensable tool in the age of virtual currency and the end of cash.

The lightning development of the African start-up

After proving its worth in Africa, the startup, a new unicorn, was able to benefit from several financing packages that contributed to its expansion.

Chipper Cash, the African fintech that appeals to Jeff Bezos

The project set up by the two African entrepreneurs has always been destined for success, right from the start. It is for this reason that the company is today valued at over 2 billion dollars following the FTX investment. This valuation was also made possible by the collaboration of numerous investors: SVB Capital, Deciens Capital, Ribbit Capital, One Way Ventures, 500 startups, Tribe Capital, Brue2 Venture and Bezos Expeditionsthe investment fund of Amazon's famous CEO.

Numerous fund-raising campaigns drive exponential growth

To get to this point, Chipper Cash has attracted numerous investors - and continues to do so. One of the reasons they have agreed to contribute is that the mobile payment application has ambitious, well-defined objectives and promising potential.

Since its creation in 2018, Chipper Cash has benefited from several funding campaigns that have enabled it to become a perfectly established fintech in Africa as well as in the USA and the UK. These include:

• Serie A fundraising by Deciens Capital estimated at $13.8 million
• a Series B round of financing by Ribbit Capital and Bezos Expeditions estimated at $30 million
• SVB Capital's fundraising estimated at over $100 million

Positioning in a booming market 

Record population growth, unbridled development of the cryptocurrency world (+2,000% users in just a few months according to Binance, developer of one of the world's largest cryptocurrency platforms), etc. Africa has what it takes to seduce the most visionary and innovative entrepreneurs. Chipper Cash has taken up the challengewithout a hitch.

Chipper Cash, THE African fintech with international reach 

Chipper Cash has already taken Africa by storm and has no intention of stopping there. The app boasts over 4 million users and continues to expand at considerable speed. The hype surrounding the African unicorn bears witness to the potential of fintech: major investors continue to show major interest in Chipper Cash, which has new goals in mind: expand to the four corners of the globe and sustain its business.

The entrepreneurs at the helm of the mobile app are well aware of the potential of Chipper Cash, which has already proved its worth on its home continent. With the green light given by foreign investors, the FinTech specialized in online payments is more confident than ever to tackle the international market. A mission it has already embarked upon by entering the UK and US markets. 

Chipper Cash has succeeded in revolutionizing the daily lives of millions of Africans with its its peer-to-peer payment system and intends to do the same in the rest of the world.

What's next? The objectives of the new unicorn

Unsurprisingly, the company, which competes with PayPal, Paylib and Lydia, dreams of expanding worldwide to becomeone of the leaders in mobile payment. To achieve this, the startup wants first to consolidate its bases on its home continent before thinking bigger.

Continental objectives

Chipper Cash has already in seven African countries. However, the company intends to expand its network and conquer new countries, whether in West Africa, East Africa or the Maghreb. The continent is booming, and all the signs are green for investors!

Partnerships and other takeovers of mobile payment startups testify to the enormous potential of the African market: 

• WorldRemit acquires Sendwave for $500 million;
• Visa's partnership with startup Paga;
• Stripe's acquisition of Nigerian FinTech Paystack, etc.

Determined, African unicorn Chipper Cash aims to cut a path through its competitors, with a view to one day becoming a leader in mobile payment in Africa. A first step towards establishing itself on a global scale.

International objectives

After being introduced in the United States and the United Kingdom, Chipper Cash plans to expand and appear in other countries outside Africa. The startup is not afraid of anything, and is already backed by a number of foreign investors.

It's already possible to send money - in crypto or otherwise - to the other side of the world, from Africa. The African continent has numerous diasporas based in a multitude of foreign countries, and every year, over 45 billion euros are sent to countries on the continent. The problem? Sending funds to African users is still difficult.. With this in mind, Chipper Cash offers a simple, practical and accessible alternative to all those who carry out online transactions with individuals or professionals based in Africa.

Chipper Cash: key information

By 2022, Chipper Cash had 390 employees worldwide. 

The African FinTech has estimated annual sales of €64.4 million. 

To date (2022), Chipper Cash has not yet entered the stock market. Nevertheless, an IPO is strongly envisaged in the coming years. 

Chipper Cash's ambition is to consolidate its presence in Africa and continue to expand. By banking on a fast-growing market, the startup is hoping for significant and rapid development. In addition to the African continent, Chipper Cash aims to expand worldwide. The startup has already succeeded in gaining a foothold in the United States and the United Kingdom, and aims to establish itself in other countries around the world.

Strong. Chipper Cash is already well established in seven African countries. It has many users worldwide (4 million) and, every day, tens of thousands of people download the application to benefit from the mobile payment service. In particular, the startup can count on the large African diaspora around the world.

Move your money freely (exchange money freely).