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Pan-African payments company Chipper Cash has raised $150 million in a Series-C extension round months after it closed its first $100-million Series-C round in May, TechCrunch reported. The round brings its Series C to $250 million and its total funding to date to more than $305 million.
Chipper Cash is a cross-border payment platform that offers mobile-based, fee-less, peer-to-peer payment services in seven African countries. They include Ghana, Uganda, Nigeria, Tanzania, Rwanda, South Africa and Kenya.
The company also has an operational footprint in the UK, allowing money transfers from the country to African markets.
Ugandan entrepreneur Ham Serunjogi and his Ghanaian partner Maijid Moujaled co-founded the company in 2018. It is headquartered in San Francisco.
TechCrunch cited Serunjogi as saying that the extension round takes its valuation to slightly more than $2 billion, making it a fintech unicorn.
Entrepreneur Sam Bankman-Fried’s cryptocurrency exchange platform FTX led the extension round.
Existing investors such as SVB Capital also reinvested in the round, alongside Deciens Capital, Ribbit Capital, Bezos Expeditions, One Way Ventures and Tribe Capital.
Some new investors participating in the round remained anonymous.
SVB Capital spearheaded the $100-million Series-C round in May. SVB Capital is the corporate venture capital arm of SVB Financial Group, a U.S. high-tech commercial bank. It has helped fund more than 30,000 startups globally.
