Africa has another unicorn as Chipper Cash raises $100M Series C led by SVB Capital

Fintech in Africa is a goldmine. Investors are betting big on startups offering a plethora of services from payments and lending to neobanks, remittances and cross-border transfers, and rightfully so .  Each of these services solves unique sets of challenges. For cross-border payments, it’s the outrageous rates and regulatory hassles involved with completing transactions from one African country to another .

Chipper Cash, a three-year-old startup that facilitates cross-border payment across Africa, has closed a $100 million Series C round to introduce more products and grow its team .

It hasn’t been too long ago since Chipper Cash was last in the news. In November 2020, the African cross-border fintech startup raised $30 million Series B led by Ribbit Capital and Jeff Bezos fund Bezos Expeditions . This was after closing a $13.8 million Series A round from Deciens Capital and other investors in June 2020. Hence, Chipper Cash has gone through three rounds totalling $143.8 million in a year. However , when the $8.4 million raised in two seed rounds back in 2019 is included , this number increases to $152.2 million .

SVB Capital, the investment arm of U.S. high-tech commercial bank Silicon Valley Bank led this Series C round . Others who participated in this round include existing investors — Deciens Capital, Ribbit Capital, Bezos Expeditions, One Way Ventures, 500 Startups, Tribe Capital, and Brue2 Ventures. 

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