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An African company backed by Amazon CEO Jeff Bezos, Chipper Cash, has raised $ 30 million and is launching a cryptocurrency trading service due to the high demand for cryptocurrencies, including bitcoin. Chipper Cash users will be able to buy and sell US cryptocurrencies and stocks, such as Tesla, Apple, and Amazon, through the app.
Chipper Cash backed by Jeff Bezos to start offering Crypto Trading
African cross-border payments startup Chipper Cash raised $ 30 million in a Series B funding round. It was led by venture capital firm Ribbit Capital, with the participation of Bezos Expeditions, the personal VC fund of Amazon CEO Jeff Bezos .
Founded in 2018 by Ugandan Ham Serunjogi and Ghanaian Maijid Moujaled, San Francisco-based Chipper Cash offers free mobile P2P payment services. The services are available in seven African countries: Ghana, Uganda, Nigeria, Tanzania, Rwanda, South Africa and Kenya. The app allows users to send and receive money across Africa. “Enjoy free transfers and the lowest cross-border rates,” she describes her website.
The Chipper Cash platform has three million users and processes around 80,000 transactions per day on average. CEO Serunjogi said the app reached a monthly payment value of $ 100 million in June.
Chipper Cash plans to use the funds raised to provide additional products and services and to expand into more countries. “From a product perspective, this involves offering multiple business payment solutions, cryptocurrency trading options and investment services,” Techcrunch reported Thursday citing Serunjogi:
We have had requests from our users to offer other valuable services … such as buying cryptocurrency assets and investing in stocks.
Chipper Cash has already added the ability to buy and sell bitcoins in beta on its website and app. Users can also invest in US stocks via the app from Africa through a partnership with US financial services firm Drivewealth.
The equity product will be launched first in Nigeria and then expand to other countries, Serunjogi explained, adding that Nigerians “will have the ability to buy fractional shares – Tesla shares, Apple shares or Amazon shares and others – through our app.”
Bezos is now the richest person in the world. Forbes reported in August that Amazon’s CEO has become the first person in the world to amass a fortune of $ 200 billion.
Serunjogi believes that the support of well-known investors such as Jeff Bezos benefits the whole of Africa. He commented: “It’s a big deal when a world-class investor like Bezos or Ribbit comes out of his sweet spot for a new area he hadn’t previously invested in … Ultimately, the winner of these things happening is l ‘African technology ecosystem in general, as it will bring more investments from companies of that caliber to African startups. “
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