An African firm backed by Amazon CEO Jeff Bezos, Chipper Cash, has raised $30 million and is launching a cryptocurrency buying and selling service attributable to excessive demand for cryptocurrencies, together with bitcoin. Users of Chipper Cash will be capable of purchase and promote cryptocurrencies in addition to U.S. shares, equivalent to Tesla, Apple, and Amazon, by way of the app.
Jeff Bezos-Backed Chipper Cash to Begin Offering Crypto Trading
African cross-border funds startup Chipper Cash has raised $30 million in a Series B funding spherical. It was led by enterprise capital agency Ribbit Capital, with the participation of Bezos Expeditions, the non-public VC fund of Amazon CEO Jeff Bezos.
Founded in 2018 by Ugandan Ham Serunjogi and Ghanaian Maijid Moujaled, the San Francisco-based Chipper Cash provides fee-free cell P2P fee companies. The companies can be found in seven African international locations: Ghana, Uganda, Nigeria, Tanzania, Rwanda, South Africa, and Kenya. The app permits customers to ship and obtain cash throughout Africa. “Enjoy free transfers and the bottom cross-border charges,” its web site describes.
The Chipper Cash platform has three million customers and processes about 80,000 transactions every day on common. CEO Serunjogi stated that in June the app reached a month-to-month funds worth of $100 million.
Chipper Cash plans to make use of the funds raised to offer further services and products in addition to broaden into extra international locations. “On the product facet, that entails providing extra enterprise fee options, crypto-currency buying and selling choices, and funding companies,” Techcrunch reported Thursday and quoted Serunjogi as saying:
We’ve had demand from our customers to supply different worth companies … like buying cryptocurrency property and making investments in shares.
Chipper Cash has already added on its web site and app the choice to purchase and promote bitcoin in beta. Users may spend money on U.S. shares by way of the app from Africa by way of a partnership with U.S. monetary companies firm Drivewealth.
The inventory product will launch in Nigeria first after which broaden to different international locations, Serunjogi defined, including that Nigerians will “have the choice to purchase fractional shares — Tesla shares, Apple shares or Amazon shares and others — by way of our app.”
Bezos is now the world’s richest individual. Forbes reported in August that the Amazon CEO grew to become the world’s first-ever individual to amass a $200 billion fortune.
Serunjogi believes that the backing of well-known traders equivalent to Jeff Bezos advantages Africa as an entire. He opined: “It’s an enormous deal when a world class investor like Bezos or Ribbit goes out of their candy spot to a brand new space the place they beforehand haven’t executed investments … Ultimately, the winner of these issues taking place is the African tech ecosystem total, as it should convey extra funding from companies of that caliber to African startups.”
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