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African Payment Startup Chipper Cash Raises $13.8M Series A Funding

African transnational fintech startup Chipper Cash has closed a $13.8 million Series A funding round led by Deciens Capital, with aims to recruit 30 new workers worldwide.

The funding caps an event filled for the San Francisco-based payment company, founded by Ugandan Ham Serunjogi and Ghanaian Maijid Moujaled two years ago.

They went to America for studies, met at Iowa’s Grinnell College and went on to explore big tech opportunities at Silicon Valley: Facebook for Serunjogi and Flickr and Yahoo! for Moujaled.

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After which they establish Chipper Cash and were able to convince the investors, 500 Startups and Liquid 2 Ventures, co-founded by legendary American football legend Joe Montana, to back their startup with seed funds.

Its been two year and Chipper Cash has raised $22 million on total capital, providing mobile-based, fee-free P2P payment services in seven countries: Ghana, Uganda, Nigeria, Tanzania, Rwanda, South Africa and Kenya.

“We’re now at over one and a half million users and doing over a $100 million dollars a month in volume,” Serunjogi told TechCrunch on a call.

Chipper Cash does not disclose the audited financial reports but shares internal performance results with investors. Deciens Capital and the Raptor Group co-led Series A funding for the startup, with continued support from 500 Startups and Liquid 2 Ventures.

Deciens Capital founder Dan Kimmerling affirmed that the fund’s lead in investing and analysing the payment value and volume metrics of Chipper Cash.

The startup also runs Chipper Checkout in tandem with its P2P app: a client-focused, fee-based mobile payment solution that generates revenue to support the free mobile-money business of Chipper Cash.

According to Serunjogi, the company will utilise its latest round to hire up to 30 people across operations in San Francisco, Lagos, London, Nairobi and New York.

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Written by PH

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