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African payment start-up Chipper Cash raises $6m to expand geographic presence

By Ramla Soni

The San Francisco-based payments company offers mobile-based, no fee, P2P payment services in six African countries

African fintech start-up Chipper Cash has raised a $6m (£4.54m, €5.38) seed-round led by Deciens Capital.

The San Francisco-based company offers mobile-based, no fee, P2P payment services in six African countries: Ghana, Uganda, Nigeria, Tanzania, Rwanda, and Kenya.

The funding is said to be used to grow Chipper Cash’s team and move into new geographic areas. The company has not disclosed which countries that could entail.

After going live in 2018, Chipper Cash raised $2.4m in May 2019 in a seed round that included support from 500 start-ups and Liquid 2 Ventures, co-founded by American football quarterback Joe Montana.

In September, Chipper Cash expanded into Nigeria and now with its latest round, the start-up has raised more than $8 million in seed capital.

Participants in the $6m financing include previous investors and a few new backers, such as Boston-based Raptor Group.

Deciens Capital Co-Founder Dan Kimerling confirmed the fund’s lead on the latest round and that he will continue his role on Chipper Cash’s board.

The fintech company now has more than 600,000 active users and has processed more than 3 million transactions on its payment services platform.

FURTHER READING: African payment start-up app launches in Nigeria after $40m funding led by China’s Transsion

FURTHER READING: Nigerian internet service provider expands WiFi services to Ghana

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