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 cryptocurrencies as well as US 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 start-up Chipper Cash raised $ 30 million in a Series B funding round. It was led by venture capital firm Ribbit Capital, with participation from Bezos Expeditions, the Amazon CEO Jeff Bezos’ personal venture capital fund.
Founded in 2018 by Ugandan Ham Serunjogi and Ghanaian Maijid Moujaled, San Francisco-based Chipper Cash offers free mobile P2P payment services. 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. “Take advantage of free transfers and the lowest cross-border rates,” describes its website.
The Chipper Cash platform has three million users and processes an average of around 80,000 transactions per day. CEO Serunjogi said that in June the app reached a monthly payment value of $ 100 million.
Chipper Cash plans to use the funds raised to provide additional products and services as well as to expand into other countries. “On the product side, this means offering more payment solutions for businesses, cryptocurrency trading options, and investment services,” Techcrunch reported Thursday, citing Serunjogi:
Our users have asked us to offer other valuable services … like buying cryptocurrency assets and investing in stocks.
Chipper Cash has already added the ability to buy and sell beta bitcoin to its website and app. Users can also invest in US stocks through the Africa app through a partnership with US financial services company Drivewealth.
The stock market product will first be launched in Nigeria and then expand to other countries, Serunjogi explained, adding that Nigerians “will have the option to buy split stocks – Tesla stock, Apple stock or Amazon stock. and others – through our app. “
Bezos is now the richest person in the world. Forbes reported in August that the CEO of Amazon had become the first person in the world to accumulate a fortune of $ 200 billion.
Serunjogi believes that the support of well-known investors such as Jeff Bezos benefits Africa as a whole. He said: “It’s a big deal when a world-class investor like Bezos or Ribbit goes out of his sweet spot for a new area where he hadn’t previously invested … Ultimately the winner of these things is the African tech ecosystem as a whole. , because it will bring more investments from companies of this caliber to African startups.
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