African cross-border fintech start-up Chipper Cash has closed a $13.8 million Series A funding round led by Deciens Capital. The payments company plans to hire 30 new staff globally.
Chipper Cash is a San-Francisco based payments company, founded two years ago by Ugandan Ham Serunjogi and Ghanaian Maijid Moujaled.
The two came to America for academics, met in Iowa while studying at Grinnell College. They later ventured out to Silicon Valley for stints in big tech: Facebook for Serunjogi and Flickr and Yahoo! for Moujaled.
The start-up call beckoned and after launching Chipper Cash in 2018, the duo convinced 500 Start-ups and Liquid 2 Ventures to back their company with seed funds.
Two years and $22 million in total capital raised later, Chipper Cash offers its mobile-based, no fee, P2P payment services in seven countries: Ghana, Uganda, Nigeria, Tanzania, Rwanda, South Africa and Kenya.
According to Serunjogi, Chipper is now at over one and a half million users. It is also doing over a $100 million dollars a month in volume.
Chipper Cash does not release audited financial data but shares internal performance accounting with investors. Deciens Capital and Raptor Group co-led the start-up’s Series A financing. It also had repeat support from 500 Start-ups and Liquid 2 Ventures.
Deciens Capital founder Dan Kimerling confirmed the fund’s lead on the investment and review of Chipper Cash’s payment value and volume metrics.
Parallel to its P2P app, the startup also runs Chipper Checkout. This is a merchant-focused, fee-based mobile payment product that generates the revenue to support the free mobile-money business.
The company will use its latest round to hire up to 30 people across operations in San Francisco, Lagos, London, Nairobi and New York.