HomeCoinsBitcoin (BTC)African Fintech Start-up Chipper Cash Raises $100 Million — CEO Says No...

African Fintech Start-up Chipper Cash Raises $100 Million — CEO Says No Crypto Services for Nigeria – Fintech Bitcoin News

- Advertisement -


Chipper Cash, an African fintech firm that specializes in facilitating cross-border payments, recently closed a $100 million Series C funding round. Taking the lead in what is now Chipper Cash‘s third fundraising round in the past twelve months is the venture capital (VC) firm, SVB Capital. The VC firm is an investment arm of U.S. high-tech commercial bank, Silicon Valley Bank.

The New African Fintech Unicorn

Other notable participants in this Series C round include Deciens Capital, Ribbit Capital as well as the Jeff Bezos backed Bezos Expedition. Following the conclusion of this Series C funding round, Chipper Cash has now raised a total of $143.8 million in just a year. As a consequence, some observers now estimate Chipper Cash’s valuation to be between one and two billion dollars.

Notably, with this capital raise, Chipper Cash becomes the latest African fintech firm to attract the interest of leading venture capital firms. Other African fintech start-ups that similarly received support from major VC firms include Flutterwave, Tymebank and O Pay.

Crypto Services and the CBN Prohibition

Chipper Cash’s significant capital raise in a short space of time came as it expanded the range of products it offers. According to a report, the fintech firm now offers cryptocurrency trading options as well as other business payment solutions. The report also quotes Ham Serunjogi, the fintech’s CEO explaining some of the factors that prompted Chipper Cash to add new services. He said:

Our approach to growing products and adding products is based on what our users find valuable. As you can imagine, crypto is one technology that has been widely adopted in Africa and many emerging markets. So we want to give them the power to access crypto and to be able to buy, hold and sell crypto whenever.

Nevertheless, the CEO clarifies that Chipper Cash is not currently offering crypto-related services to its clients in Nigeria. He cites the Central Bank of Nigeria (CBN)’s anti-crypto directive as the sole reason why the fintech firm cannot extend its cryptocurrency-related services to Nigerians.

Serunjogi meanwhile says his company is still “looking forward to any development in Nigeria that allows it to be offered freely again.”

What do you think of Chipper Cash’s latest funding round? You can share your views in the comments section below.

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

First published here

- Advertisement -
Mr Bitcointehttps://www.bitcointe.com/
“Fact You Need To Know About Cryptocurrency - The first Bitcoin purchase was for pizza.” ― Mohsin Jameel
462FansLike
76FollowersFollow
4,567FollowersFollow
5,261FollowersFollow
1,524FollowersFollow
2,230SubscribersSubscribe

Most Popular

bitcoin
Bitcoin (BTC) $ 63,959.00
ethereum
Ethereum (ETH) $ 4,653.10
tether
Tether (USDT) $ 1.00
bitcoin-cash
Bitcoin Cash (BCH) $ 662.86
litecoin
Litecoin (LTC) $ 250.87
eos
EOS (EOS) $ 4.83
okb
OKB (OKB) $ 25.92
tezos
Tezos (XTZ) $ 5.74
leo-token
LEO Token (LEO) $ 3.13
cardano
Cardano (ADA) $ 2.04
monero
Monero (XMR) $ 260.00
stellar
Stellar (XLM) $ 0.379388
chainlink
Chainlink (LINK) $ 34.20
huobi-token
Huobi Token (HT) $ 9.77
tron
TRON (TRX) $ 0.107345
usd-coin
USD Coin (USDC) $ 1.00
dash
Dash (DASH) $ 221.42
neo
NEO (NEO) $ 47.07
iota
IOTA (MIOTA) $ 1.28
nem
NEM (XEM) $ 0.190309
zcash
Zcash (ZEC) $ 200.02
maker
Maker (MKR) $ 2,858.32
paxos-standard
Pax Dollar (USDP) $ 1.00
ethereum-classic
Ethereum Classic (ETC) $ 55.11
vechain
VeChain (VET) $ 0.158639
true-usd
TrueUSD (TUSD) $ 1.00
ftx-token
FTX Token (FTT) $ 57.75
kucoin-shares
KuCoin Token (KCS) $ 22.50
waves
Waves (WAVES) $ 23.82