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Chipper Cash Raises $13 million

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African Fintech startup – Chipper Cash have put plans in place to hire 30 additional staff. This is after the company secured $13 million in its series A funding.

The San Francisco based across the border African Fintech startup was founded in 2018 by Ham Serunjogi and Majid Moujaled, of Ugandan and Ghanaian nationality respectively, while studying at Grinnel College in Iowa, USA. The partners were able to convince about 500 startups and a couple of notable personalities to invest in their startup. Two years down the line, their company have been able to raise about $22 million which has so far been channeled into no-fee, mobile based P2P payment services in Nigeria, Ghana, Uganda, Kenya, South Africa, Rwanda, and Tanzania.

The startup has so far rendered financial services worth about $100 million to half a million users spread across the seven African countries Chipper Cash operates.

The company also runs a fee-based payment product, which is known as Chipper Checkout. The revenue generated through this product is used to fund the Chipper Cash’s no fee financial service.

The startup has made the bold move to employ the services of Lisa Dawson as Compliance Officer. Lisa Dawson is an expert who has background and experience gathered from the US Department of Treasury’s Financial Crimes Enforcement Network, and Citigroup’s anti-money laundering department.

Ham Serunjogi noted that employing Lisa Dawson was in line with their Social Corporate responsibility initiative, and the company is trailing this path with the setup of the Chipper Fund for Black Lives. The fund would give five to ten grants of between $5,000 and $10,000 to support causes that are pushing for social justice reforms.

Serunjogi stated that Chipper Cash is currently expanding in Nigeria. He further stated that Nigeria is the biggest financial market in their coffers, being the biggest economy in Africa, and the most populous African country; and the company has to compete with other bigwigs operating in the fintech market – the likes of MoMo, Paga, and OPay.

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