Chipper Cash takes the crown as Africa’s newest unicorn; raises $100M Series C led by SBV Capital.
Image Credits: Chipper Cash
*Chipper Cash series B was backed by Jeff Bezos fund Bezos Expeditions and others.
Cross boarder payments in Africa is as difficult as cross boarder travel on the continent. But African #Fintech companies seem to be up for the challenge. With over 3 million users across 8 African country including Nigeria, the most populous country in Africa, Chipper Cash seem set to change the story.
Chipper Cash, a three-year-old startup that facilitates cross-border payment across Africa, has closed a $100 million Series C round to introduce more products and grow its team.
In November 2020, the African cross-border fintech startup raised $30 million Series B led by Ribbit Capital and Jeff Bezos fund Bezos Expeditions. This was after closing a $13.8 million Series A round from Deciens Capital and other investors in June 2020. Hence, Chipper Cash has gone through three rounds totalling $143.8 million in a year. However, when the $8.4 million raised in two seed rounds back in 2019 is included, this number increases to $152.2 million.
Founded in 2000, SVB Capital is the venture capital arm of SVB Financial Group based in Palo Alto, California. The firm’s funds include diversified venture capital, fund of funds, and direct investment funds that invest in the United States and as well in the international markets.
SVB Capital, the investment arm of U.S. high-tech commercial bank Silicon Valley Bank led this Series C round. Others who participated in this round include existing investors — Deciens Capital, Ribbit Capital, Bezos Expeditions, One Way Ventures, 500 Startups, Tribe Capital, and Brue2 Ventures,