SVB-led $100M investment makes Chipper Cash Africa’s ‘most valuable startup’ –
Summary
Last year, the company which offers mobile-based, no fee, P2P payment services, was present in seven countries: Ghana, Uganda, Nigeria, Tanzania, Rwanda, South Africa and Kenya. And while the company averaged 80,000 transactions daily in November 2020 and processed $100 million in payments value in June 2020, it is unclear what those figures are now as Serunjogi declined to comment on them, including its revenues. We invest millions of dollars every year in our compliance programs, so I think working closely with the regulators directly so that these products are offered in a compliant manner is important,” Serunjogi noted. For us, the thing that drives us is that we have a product that is impactful to our users.” Serunjogi added that this investment actualizes the importance of possessing a solid balance sheet and onboarding SVB Capital and getting existing investors to double down is a means to that end. According to her, the VC firm invested in Chipper Cash because it has created an easy and accessible way for people living in Africa to fulfil their financial needs through enhanced products and user experiences.