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Fintech startup targets expansion with Sh3.2b Bezos backed funding

BUSINESS
By Fredrick Obura | November 25th 2020

NAIROBI, KENYA: African fintech startup Chipper Cash has secured a Sh3.2 Billion Series B funding round led by Ribbit Capital with the participation of Bezos Expeditions — the personal venture capital fund of Amazon CEO Jeff Bezos - to expand its products and geographic scope.

Chipper Cash, founded in 2018, is a financial technology company that builds software to enable free and instant one-on-one, cross-border payments in the African continent and abroad.

Jeff Bezo’s backing of Chipper Cash will widen the company’s product suite through the inclusion of more business payment solutions, cryptocurrency trading options, and investment services.

“We are responding to the demand from customers on our P2P platform who also have business enterprises to provide solutions to enable the collection of payment for the sale of goods,” says Serunjogi, Chipper Cash’s Chief Executive Officer.

Chipper Cash also plans to use the Sh.3.2 billion funding to grow geographical reach by additional country expansion, which the company will announce in 2021.

Fintech continues to be Africa’s highest-funded tech sector, receiving the bulk of an estimated $2 billion in VC that went to startups in 2019. The fintech revolution in Africa has happened in less than a decade, disrupting the modus operandi in the financial services industry whilst availing financial services to those who were hitherto un-banked.       

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