African Chipper Cash Lands $150M Series C Extension Round Led by FTX

The cross-border payments provider Chipper Cash has secured $150 million in a Series C extension round led by Cryptocurrency Derivatives Exchange - FTX. This brings the company’s valuation slightly above $2 billion.

The latest financing follows Chipper Cash’s first Series C round of $100 million, led by SVB Capital, the corporate venture capital division of SVB Financial Group. And SVB Capital reinvested in the extension round, with other existing participants including Deciens Capital, Ribbit Capital, Bezos Expeditions, One Way Ventures and Tribe Capital.

Founded in 2018, Chipper Cash is a venture-capital-backed Financial technology company that builds software to enable free and instant peer-to-peer cross-border payments in Africa and Europe, as well as solutions for businesses and merchants to process online and in-store payments. It has now extended its services into seven African countries — Ghana, Uganda, Nigeria, Tanzania, Rwanda, South Africa and Kenya.

This year, Chipper Cash has tapped markets outside Africa. In may, it has scaled its services into the UK, enabling customers to send money from the European nation to its African markets. And in August, it has launched the highly requested US Dollar (USD) cashout function for its Nigerian users.

FTX boss stated that FTX’s partnership with Chipper Cash is to “make money transfer as simple as a text message and accelerate the adoption of crypto within Africa and beyond.”