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

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

central bank of nigeria Chipper Cash Cryptocurrency Fintech Flutterwave jeff bezos Series C SVB Capital
June 6, 2021 by admin
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Chipper Money, an African fintech agency that focuses on facilitating cross-border funds, not too long ago closed a $100 million Sequence C funding spherical. Taking the lead in what’s now Chipper Money‘s third fundraising spherical up to now twelve months is the enterprise capital (VC) agency, SVB Capital. The VC agency is an funding arm
African Fintech Start-up Chipper Cash Raises $100 Million — CEO

Chipper Money, an African fintech agency that focuses on facilitating cross-border funds, not too long ago closed a $100 million Sequence C funding spherical. Taking the lead in what’s now Chipper Money‘s third fundraising spherical up to now twelve months is the enterprise capital (VC) agency, SVB Capital. The VC agency is an funding arm of U.S. high-tech industrial financial institution, Silicon Valley Financial institution.

The New African Fintech Unicorn

Different notable individuals on this Sequence C spherical embrace Deciens Capital, Ribbit Capital in addition to the Jeff Bezos backed Bezos Expedition. Following the conclusion of this Sequence C funding spherical, Chipper Money has now raised a complete of $143.8 million in only a yr. As a consequence, some observers now estimate Chipper Money’s valuation to be between one and two billion {dollars}.

Notably, with this capital elevate, Chipper Money turns into the most recent African fintech agency to draw the curiosity of main enterprise capital corporations. Different African fintech start-ups that equally acquired assist from main VC corporations embrace Flutterwave, Tymebank and O Pay.

Crypto Companies and the CBN Prohibition

Chipper Money’s vital capital elevate in a brief area of time got here because it expanded the vary of merchandise it affords. In line with a report, the fintech agency now affords cryptocurrency buying and selling choices in addition to different enterprise fee options. The report additionally quotes Ham Serunjogi, the fintech’s CEO explaining a number of the components that prompted Chipper Money so as to add new providers. He stated:

Our strategy to rising merchandise and including merchandise is predicated on what our customers discover useful. As you may think about, crypto is one expertise that has been broadly adopted in Africa and plenty of rising markets. So we wish to give them the facility to entry crypto and to have the ability to purchase, maintain and promote crypto each time.

Nonetheless, the CEO clarifies that Chipper Money isn’t presently providing crypto-related providers to its purchasers in Nigeria. He cites the Central Financial institution of Nigeria (CBN)’s anti-crypto directive as the only real purpose why the fintech agency can not lengthen its cryptocurrency-related providers to Nigerians.

Serunjogi in the meantime says his firm continues to be “wanting ahead to any growth in Nigeria that enables it to be provided freely once more.”

What do you consider Chipper Money’s newest funding spherical? You’ll be able to share your views within the feedback part under.

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