Chipper Cash is a fintech platform that offers mobile, cross-border money transfer services. As a financial services company that features a software application platform that enables free instant cross-border mobile money transfers in Africa as easy as sending a text message, the firm is driving innovations for the African financial service market.
Founded in 2017, the San Francisco, California headquartered private enterprise has spread and expanded the world over.
Though Chipper Cash is a relatively new fintech startup that has recently been making the news in business circles. Its speciality is facilitating cross-border payments. While some question the legitimacy of the operation, major investors lend credence to the startup as a legitimate business in the financial arena.
To help you know more about this new financial tech company, we will present an in-depth analysis here and also outline 20 things you didn’t know about Chipper Cash.
Who are the major investors in Chipper Cash?
Chipper Cash has 24 investors including Nevcaut Ventures and SVB Capital.
How much has Chipper Cash raised as a funding platform?
Chipper Cash has raised $302.2M and closed its last funding round on Nov 1, 2021, from a Series C round.
20 Facts about Chipper Cash.
1. Chipper Cash provides a range of financial products
Bitcoin News reports Chipper Cash offers a wide range of financial products. It recently added cryptocurrency trading options along with its business payment solutions. The company surveys the general public to learn which financial products are the most highly valued and it adds them accordingly to achieve customer satisfaction and to draw in more clients.
2. Chipper Cash is an African Fintech firm
Though headquartered in San Francisco, California, Chipper Cash is categorized as an African fintech firm. The CEO of the company is Ham Serunjogi, and he shared that the company serves a variety of African and other emerging markets. The latest product is a cryptocurrency, and this is a product that is becoming more popular in Africa. Therefore, we can safely say that Chipper Cash is an African fintech firm, or at least originated from Africa.
3. Chipper Cash does not offer Crypto Currency transactions in Nigeria
The platform is open to clients throughout the world, except for Nigerian users. This is basically because the Central Bank of Nigeria has instituted a directive that prohibits the use of cryptocurrency. This prevents them from offering the services there, however, the firm’s leadership looks forward to serving her Nigerian crypto clients in the nearest future.
4. Chipper Cash is still in its infancy
Judging by the length of time the firm has been in operation, we can judge it to be a firm still in its infancy, although this is easy to forget when compared to the massive growth this Fintech has experienced, growing both in reputation, acceptance and of course, numbers.
In terms of time, it is an infant company, but Venture Capital investors have boosted it to a Series C Venture capital tech firm that has a high valuation, growing customer base and skyrocketing popularity and goodwill.
5. The founders of Chipper Cash are African
Chipper Cash’s two co-founders are of African descent. Ham Serunjogi is from Uganda, and Majid Moualed hails from Ghana. Both young men are natives of African countries who chose the United States to launch their new business venture.
6. Chipper Cash has a small board of directors
There is just one member on the board of directors for Chipper Cash. This is not unusual for a company that has only been in operation for a little over two years. There has not yet been sufficient time to put together a larger board of directors, but the company is beginning to build its advisory panel. The first and only member of the Chipper Cash board is Mr. Daniel Kimerling. He joined the board of Chipper Cash in May of 2019. Kimerling brings a wealth of knowledge and experience to the job. He is co-founder and general partner of Deciens Capital, an investor in Chipper Cash. Mr. Kimerling has founded two organizations. He currently sits on seven different boards providing advisory services for these companies. It’s common for investors to designate a member of their group to provide advisement for companies that their firms invest in as a part of the agreement to back the companies financially.
7. Chipper Cash owns and operates Chipper Checkout
Chipper Checkout is the revenue-generating sublet of Chipper Cash. It is a payment product that is available for merchants that do charge a fee for use. This is how Chipper Cash makes its money and it is the resource that allows it to offer payment services for many at no cost.
8. Chipper Cash has grown from a small operation to a leader in its industry.
Chipper Cash has attracted a massive number of users in the short time that it has been in business. It’s been less than three years since it first launched its P2P payment services. The CEO of the firm shared that the platform has now scaled to more than three million users. It processes monthly payments of about $100 million with an average daily transaction rate of eighty-thousand.
9. Chipper Cash is hiring
According to its LinkedIn page, Chipper Cash is currently hiring, but there are just a few new jobs listed on the website. It is hiring two positions for remote workers in the United States. Two positions are open in Nigeria, and one in Kenya. There are 126 employees in the Chipper Cash workforce.
10. Chipper Cash is free to use
Chipper Cash offers its mobile-based P2P payment services for free. It does not charge a fee to use the software. It’s only available for people who live in the seven African countries listed above, however. This is one of the benefits that is drawing so many users in to use the service. Most other payment services charge fees for use. This is one more feature that sets Chipper Cash apart from the rest.
11. Chipper Cash only serves clients in Africa
The Fintech firm Chipper Cash has set up its operations to serve countries within the African continent. So far, it has not expanded its offering beyond this region. The seven countries that are served by Chipper Cash include Kenya, South Africa, Tanzania, Nigeria, Rwanda, Uganda, and Ghana, while the Fintech looks forward to expanding its operational base to all continents of the globe.
12. Chipper Cash is a venture-capital-backed company
Chipper Cash is a legitimate Fintech and has secured funding from some of the largest VC investors in the world. It recently closed a round of Series C funding that raised $100 million for growth and expansion. Investors who put their trust in the company include Silicon Valley Bank’s SVB Capital, leading the round. Other participating investors include Ribbit Capital, Deciens Capital, and Jeff Bezos’ Bezos Expedition. Investor confidence for a decent return on investment in Chipper Cash is high.
Therefore, all (if any) concerns over the legitimacy of Chipper Cash have been put to rest by thorough investigations and high investor interest in the company.
13. Chipper Cash is a unicorn company (Africa’s 6th)
Chipper Cash has become Africa’s sixth unicorn company. In business, a unicorn is a privately held startup company valued at over US$1 billion. The term was first published in 2013, coined by venture capitalist Aileen Lee, choosing the mythical animal to represent the statistical rarity of such successful ventures.
The most recent round of Series C venture capital funding raised $100 million, which put Chipper Cash over the top and gave it a valuation that exceeds $1 billion. It recently joined the elite group of billion-dollar companies and this is a significant milestone for African tech startups.
14. Chipper Cash has an eight-member executive leadership team.
Although Chipper Cash has grown into a multinational enterprise, its leadership consists of an eight-member executive team comprising of a top-notch, high-result group of just eight executives on its leadership team.
Ham Serunjogi is a co-founder and currently serves as Chipper Cash’s chief executive officer. He stands at the helm of this wildly successful fintech company. Maijid Moujaled is a co-founder and serves as the president of Chipper Cash. Lisa Dawson is the chief compliance officer. Patrick Triest is the chief technology officer. Hasan Luongo is the vice president of growth marketing. Marc Gottschalk is the general counsel for the company. Matt Karazin is the senior software engineer, and Alicia Levine is the chief operating officer.
15. Chipper Cash is a broad and very versatile Fintech Enterprise
Cash offers a variety of different financial services. It is listed on the internet under four major industry categories. First as a financial services startup, also categorized as a Fintech company because it develops its financial products for use by its clients. It is also listed under Mobile Apps and Mobile payments as well as underpayments to help people searching for all of these services to more easily find the company in a web search, making it one of the versatile Tech-Finance firms.
16. Chipper Cash is planning to expand
According to CrunchBase, Chipper Cash has recently received several rounds of venture capital funding that have made it possible for the firm to expand its offerings. Strategic plans for adding more products as well as for moving into new geographical locations are a part of its expansion and growth plans. The CEO confirmed that Chipper Cash is in the process of developing even more business payment solutions and it plans to add investment services as an option which includes crypto-currency trading options. Due to the demand from current customers, it is going to offer services that help its clients to invest in stocks and to buy and sell Bitcoin from its new beta dropdowns that are found on its website as well as its app.
As a part of its new drive to add the ability to invest in stocks from the United States for its African users, Chipper Cash has formed a new partnership. It signed an agreement with DriveWealth, which is a financial services company that is located in the United States. This is the first step in offering services for clients to start making investments in the stock market. The first launch of the stock product is taking place in Nigeria to give the people there a way to purchase fractional stocks from companies such as Apple, Amazon, Tesla, and more. The app will launch in Nigeria and then expand to the other countries served by Chipper Cash.
17. Chipper Cash has a highly-ranked website
The Chipper Cash website is one of its biggest marketing tools. “The statistics for Chipper Cash show that the website gets an average of 26,829 visitors monthly as of the end of April of 2021. It is ranked as number 690,999 of all of the websites that are registered on the internet globally because of the high number of monthly web visitors the site receives. The numbers, however, are down a little. There is a decline in the growth of monthly visits to the website by 8.66 per cent. The majority of visitors are from the country of Nigeria, which represents 54 per cent of the web traffic to the site. This is followed by 27 per cent who originate in the United States, followed by 10 per cent from Kenya, 4 per cent from South Africa, and 2 per cent from the United Kingdom. The statistics show that there is a growth in interest from people in South Africa and Kenya.” According to CrunchBase.
18. Chipper Cash has a large financial war-chest
Thanks to its virile venture capital-backed backing, Chipper Cash as an enterprise has secured the confidence of several major investors raising over $152.2 million in Venture Capital funding. The investments were raised over a series of five rounds with the most recent closing on May 31, 2021, in the form of a Series C round. A total of 16 investors participated in the fundraising event.
19. Chipper Cash is expanding into more economies
Chipper Cash’s leadership clearly states its resolve and efforts to enterprise using funds from its round of Series B funding into additional countries.
An additional API payment solution that it plans to add before this new expansion effort includes a new product that provides business enterprises with the ability to collect payments for the sales of their goods.
20. Chipper Cash has never been involved in a controversy over fraud or fraud-related issues
Unlike most tech finance startups, Chipper has never been the subject of fraud-related discussions, debates or litigations.
How to sign up for Chipper Wallet
- Download the Chipper Cash app from Google Play Store or the Apple Store.
- Open the app and enter your mobile number starting with the country code in the form of +2567******** and click continue.
- Enter the 6 digit code you receive on your provided number and continue.
- Enter your first and last name and press “Next”.
- Choose your primary currency and continue.
- Your Chipper Wallet Account will be successfully created.
However, you must allow Chipper Cash to access your contacts in the next screen. You then get your welcome bonus of UGX 500.
“Chipper allows users to connect their mobile money accounts to their Chipper wallets and send that money to anyone else in the same country (even on another network), or to another country that we support, with no transaction or exchange rate fees, or the 1% tax,” Serunjogi said.
How to Add Cash to Your Chipper Wallet Account.
- Navigate to the profile section of the app by swiping from right to left.
- Click ‘Add Cash”
- You will then have to link your mobile money account to the Chipper Cash app by selecting your mobile money provider.
- You then need to enter your Mobile Money number.
- Enter the amount you want to add to the Chipper Cash Wallet from your mobile money account.
- Wait for the confirmation and enter your PIN to confirm.
Sending Money from your Chipper Cash Wallet
Sending money from your Chipper cash wallet happens at zero cost. However, your mobile money provider will charge you a small fee when adding cash to your Chipper Cash Wallet. To send money;
- Navigate to the “Select Recipient” section of the app and select the receiver’s mobile money number.
- Enter the amount and reason for the transfer and press pay.
- Your payment will then be sent.
The recipient will receive an SMS notification showing the amount received. The SMS includes a link to downloading the app if the user does not have it installed already.
The best part is you don’t have to have a lot of knowledge about the intricacies of the Forex exchange market because the app does it for you automatically.
How to Send & Receive Cash using Chipper Cash
Move your money across town, across Africa or across an ocean the fast, easy and borderless way.
How can I earn money with Chipper Cash?
You can earn money on the Chipper Cash app by just asking your friends to also download the app using a referral link. You can withdraw the money you have earned through the app to your bank account without delay.
Chipper Cash rewards you with N250 for each referral. For every person, you refer to the app you’ll get N250, and the person also will get N250. The Chipper Cash referral program that lets both the Referrer and the Invitee enjoy 250 Naira when the invitee signs up and verifies their account.
Summary
This exciting product offers you amazing flexibility, ease and delivery. Would you love to try Chipper Cash for yourself? Get started with Chipper Cash