US-headquartered cross-border payments services provider Chipper Cash has expanded its series C round to $250m with a $150m extension led by cryptocurrency exchange FTX, TechCrunch reported yesterday.
FTX was joined in the extension by venture debt group SVB Financial Group’s venture capital arm, SVB Capital, as well as Deciens Capital, Ribbit Capital, One Way Ventures, Tribe Capital and Bezos Expeditions.
The close valued Chipper at just over $2bn, CEO Ham Serunjogi told TechCrunch. SVB Capital led the round’s $100m first tranche in May this year, investing with Ribbit Capital, Deciens Capital, Bezos Expeditions, 500 Startups, One Way Ventures, Brue2 Ventures and Tribe Capital.
Founded in 2018, Chipper provides fee-free cross-border payments in Africa through an online platform with more than 4 million users.
The company’s service is available in Uganda, Ghana, Nigeria, Tanzania, South Africa, Kenya and Rwanda, and it recently expanded to the UK to allow for remittances. Its total funding stands at $305m.
Ribbit Capital had previously led Chipper’s $30m series B in November 2020, investing with Bezos Expeditions. It had raised $13.8m in a series A round co-led by Deciens Capital and Raptor Group five months earlier that also featured 500 Startups and Liquid 2 Ventures.
Deciens Capital had also led the company’s $2.4m seed round, which included 500 Startups and Liquid 2 Ventures, in May 2019, and a $6m second seed round in December the same year.
