Chipper Cash, an African company backed by Amazon CEO Jeff Bezos, has raised $30 million and launched a cryptocurrency due to high demand for cryptocurrencies including Bitcoin Transaction services. Chipper Cash users will be able to buy and sell cryptocurrencies and US stocks such as Tesla, Apple and Amazon through the app.
Chipper Cash backed by Jeff Bezos starts offering crypto transactions
Chipper Cash, an African cross-border payment startup, raised US$30 million in Series B financing. It is led by venture capital firm Ribbit Capital, with participation from Bezos Expeditions, the personal venture capital fund of Amazon CEO Jeff Bezos.
San Francisco-based Chipper Cash was founded in 2018 by Ugandan Ham Serunjogi and Maijid Moujaled of Ghana to provide free mobile P2P payment services. The service is provided in seven African countries/regions: Ghana, Uganda, Nigeria, Tanzania, Rwanda, South Africa and Kenya. The application allows users to send and receive money across Africa. The website describes: “Enjoy free transfers and the lowest cross-border exchange rates.”
The Chipper Cash platform has 3 million users and processes about 80,000 transactions per day on average. CEO Serunjogi said monthly payments for the app reached $100 million in June.
Chipper Cash plans to use the funds raised to provide other products and services and expand to more countries. Techcrunch reported on Thursday and quoted Serunjogi as saying: “In terms of products, this requires more commercial payment solutions, cryptocurrency trading options and investment services.”
We have been asking users to provide other value services, such as purchasing cryptocurrency assets and making stock investments.
Chipper Cash has added the option to buy and sell beta bitcoins on its website and app. Users can also invest in U.S. stocks through an application from Africa by cooperating with Drivewealth, a U.S. financial services company.
Serunjogi explained that the stock product will first be launched in Nigeria and then expanded to other countries, adding that Nigerians will “can buy scattered stocks such as Tesla stock, Apple stock or Amazon stock through our app.”
Bezos is now the richest man in the world. Forbes reported in August that Amazon’s CEO became the first person in the world to accumulate $200 billion in wealth.
Serunjogi believes that the support of famous investors such as Jeff Bezos will benefit the whole of Africa. He believes: “It is important when world-class investors like Bezos or Ribbit leave their best place to invest in new areas where they have never invested before… In the end, the winner of these things is the whole of Africa. The technology ecosystem, because it will bring more investment to African companies of the same size.”
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