FTX Leads $150M Funding Round in African Payments Firm Chipper Cash

The cross-border payments company is now valued at roughly $2 billion.

Nov 2, 2021 at 6:38 p.m. UTC
Updated Nov 3, 2021 at 3:48 p.m. UTC

Cross-border payments firm Chipper Cash has raised $150 million in a Series C extension round led by crypto exchange FTX. The news was first reported by TechCrunch, and Chipper Cash confirmed to CoinDesk that the details in the report accurate.

  • The latest raise values the African firm at slightly over $2 billion and comes after Chipper raised $100 million in May in a Series C round led by SVB Capital.
  • Investors from the May funding who also participated in the extension round included SVB Capital, Deciens Capital, Ribbit Capital, Bezos Expeditions, One Way Ventures and Tribe Capital. The identity of new investors was not immediately known.
  • Chipper Cash was founded in 2018 as way of providing no-fee, peer-to-peer cross-border payment services for Africans. Its services are used across Ghana, Uganda, Nigeria, Tanzania, Rwanda, South Africa and Kenya, and recently expanded to provide people in the U.K. and the U.S. with the ability to send money to Chipper’s African markets.

UPDATE (Nov. 3, 14:07 UTC): Updated to include confirmation from Chipper Cash.

DISCLOSURE

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.

Nelson Wang is CoinDesk's news editor for the East Coast. He holds BTC and ETH above CoinDesk's disclosure threshold of $1,000.