Amazon’s Jeff Bezos Co-invests $30 Million in Chipper Cash, Founded by Uganda’s Ham and Ghana’s Maijid
It is raining capital in African fintech. Chipper Cash, founded by Ugandan Ham Serunjogi and Ghanaian Maijid Moujaled has raised $30 million funding led by Ribbit Capital with participation of Bezos Expeditions — the personal VC fund of Amazon CEO Jeff Bezos. Chipper Cash was founded in San Francisco in 2018 and offers mobile-based, no fee, P2P payment services in seven countries: Ghana, Uganda, Nigeria, Tanzania, Rwanda, South Africa and Kenya, TechCrunch reports.
Parallel to its P2P app, the startup also runs Chipper Checkout — a merchant-focused, fee-based payment product that generates the revenue to support Chipper Cash’s free mobile-money business. The company has scaled to 3 million users on its platform and processes an average of 80,000 transactions daily. In June 2020, Chipper Cash reached a monthly payments value of $100 million, according to CEO Ham Serunjogi