African fintech Chipper Cash has raised a $30 million series B funding round that will be used to expand the product offering and venture into new markets. According to CEO, Ham Serunjogi the product offering expansion will focus on business payment solutions, crypto-currency trading options, and investment services.
Speaking to Tech Crunch, Serunjogi added that the fintech would launch a stock product in Nigeria first allowing Nigerians to buy US stocks such as Tesla, Apple, or Amazon. Thereafter, the stock product will be rolled out in other countries.
Business payment solution expansion will focus on offering API payments solutions for business enterprises to collect payments for the sale of goods. Serunjogi added that the firm would announce additional country expansion by the end of 2021.
Ribbit Capital led this funding round with participation of Bezos Expeditions, the personal VC fund of Amazon CEO Jeff Bezos. The entry of Bezos Expeditions is the first in Africa for the fund.
Chipper Cash operates in Ghana, Kenya, Nigeria, Uganda, South Africa, Tanzania, and Rwanda. The fintech offers mobile-based P2P payment services and a merchant focused payment product. Founded in 2018, the start-up has grown to 3 million users on its platform processing an average of 80,000 transactions daily with monthly payments value hitting $100 million in June 2020.