African FinTech Startup Chipper Money Raises $ 100 Million – CEO Says There Are No Crypto Companies For Nigeria
Chipper Money, an African fintech firm specializing in facilitating cross-border funds, just lately closed a $ 100 million Collection C funding spherical. Enterprise capital (VC) SVB Capital leads what’s now Chipper Money’s third spherical of funding up to now twelve months. The enterprise capital agency is an funding arm of the US high-tech industrial financial institution, Silicon Valley Financial institution.
The brand new African fintech unicorn
Different notable individuals on this C Collection embody Deciens Capital, Ribbit Capital, and the Bezos Expedition supported by Jeff Bezos. After the conclusion of this Collection C funding spherical, Chipper Money raised a complete of $ 143.8 million in only one yr. Because of this, some observers now estimate the valuation of Chipper Money to be between $ 1 billion and $ 2 billion.
Particularly, with this capital improve, Chipper Money turns into the final African fintech firm to draw the curiosity of the primary enterprise capital corporations. Different African fintech start-ups which have additionally acquired backing from giant enterprise capitalists embody Flutterwave, Tymebank, and O Pay.
Cryptographic providers and CBN prohibition
Chipper Money’s main capital improve in a brief time frame got here because it expanded the vary of merchandise it presents. In line with a report, the fintech firm now presents cryptocurrency buying and selling choices in addition to different fee options for companies. The report additionally quotes fintech CEO Ham Serunjogi explaining a number of the components that prompted Chipper Money so as to add new providers. He mentioned:
Our method to product progress and product addition is predicated on what our customers discover priceless. As you may think about, crypto is a know-how that has been extensively adopted in Africa and lots of rising markets. So we wish to empower them to entry crypto and be capable of purchase, maintain and promote crypto at any time.
Nonetheless, the CEO clarifies that Chipper Money doesn’t presently provide crypto-related providers to its prospects in Nigeria. He cites the Central Financial institution of Nigeria (CBN) anti-crypto directive as the one cause the fintech firm can’t lengthen its cryptocurrency-related providers to Nigerians.
Serunjogi, in the meantime, mentioned his firm “nonetheless appears ahead to any improvement in Nigeria that will enable it to be supplied freely once more.”
What do you consider Chipper Money’s newest spherical of funding? You may share your views within the feedback part beneath.
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