Success Crafted

Revolutionizing Financial Transactions in Africa: The Rise of Chipper Cash

Chipper Cash: Revolutionizing Payment and Investment in Africa

Technology and innovation have opened doors for financial services in Africa, one of which is Chipper Cash. Chipper Cash is a fast-rising fintech start-up founded by Ham Serunjogi and Maijid Moujaled in San Francisco in 2018.

The company aims to simplify payments and cross-border transactions for its users and has since expanded its services to include investment options. In this article, we will explore Chipper Cash’s services, founding story, and revenue streams.

Chipper Cash Services


Chipper Cash offers investment options to its users. They recently launched their investment platform that allows users to buy and sell cryptocurrency, such as Bitcoin, as well as purchase stocks.

They charge transaction fees for buying and selling cryptocurrency, and a percentage fee for purchasing stocks.


Chipper Cash’s payment service allows people to send and receive money across African countries for free, directly from their mobile phones. The company also provides merchants with a checkout feature for making payments on their websites or social media platforms.

They have a network API that allows businesses to create a payment gateway, set up recurring payments, and verify the identity of their customers, thus reducing the risk of credit card fraud.

Remittance Service

Chipper Cash offers a remittance service that enables users to send and receive money internationally from and to African countries. This service is currently available in six African countries and partners with various banks to ensure a seamless transfer process.

Chipper Card

The company also launched the

Chipper Card, a virtual debit card available to all its users. The card can be used for online transactions and purchases in stores or restaurants that accept Visa.

Chipper Cash also partners with Highnote, a music distribution company that gives users the chance to win a

Chipper Card when they buy or stream a specific song from the platform.

Founding Story

Both Ham Serunjogi and Maijid Moujaled, the co-founders of Chipper Cash, were born and raised in Africa. They met while studying at Grinnell College in the United States.

Ham, who studied swimming, graduated with an Economics degree while Maijid majored in Computer Science. They both experienced the difficulty of sending and receiving money across African countries and decided to create a solution, thus giving birth to Chipper Cash.

The founders’ dedication and effort did not go unnoticed as they secured seed capital of $2.4 million from various investors such as Jeffrey L. Bewkes, an American media executive, and Joe Montana, a former NFL quarterback.

The company has also received funding from various venture capital firms such as 500 Startups.

Chipper Cash Revenue Streams

Interchange Fees

Chipper Cash generates revenue by charging interchange fees when users make a payment using their virtual debit cards. They partner with Visa to provide a smooth and secure payment process.

Additionally, Chipper Cash earns a percentage of the revenue from merchants who accept payments from their virtual debit cards.

Investment Fees

Chipper Cash charges transaction fees when users buy or sell cryptocurrency as well as a percentage fee when purchasing stocks. Users can invest for as low as $1.

Payment Fees

Chipper Cash charges businesses for using its network API to set up a payment gateway, process recurring payments, or verify customers’ identities. The company also offers insurance policies to merchants who use their payment gateway.


Chipper Cash’s success in simplifying cross-border transactions has given African businesses and individuals the flexibility and ease that they need in financial transactions. The company’s innovative investment platform enables users to invest in cryptocurrency and stocks, allowing for wealth creation.

Chipper Cash’s user-friendly interface and exceptional customer service have made them one of the most preferred fintech companies in Africa. With its rapid growth, it is evident that Chipper Cash is here to stay, and we can expect more innovative developments from them in the future.

Chipper Cash Funding, Revenue & Valuation

Chipper Cash is one of the fastest-growing fintech startups in Africa, transforming the digital payments landscape in the continent. Its innovative services have attracted significant investments from renowned venture capitalists across the globe.

In this article, we highlight the funding history of the company and its revenue and valuation status.


Since its inception in 2018, Chipper Cash has attracted funding from various venture capital investors. In 2019, it raised $6 million in seed funding led by Deciens Capital and included participation from 500 Startups and Liquid 2 Ventures.

In May 2020, Chipper Cash secured $13.8 million in a Series A funding round led by Deciens Capital and led to the expansion of its major operations in Ghana, Kenya, Nigeria, Rwanda, Tanzania, and Uganda. In November 2020, the company announced that it raised $30 million in a Series B funding round led by Ribbit Capital and included participation from Jeff Bezos’s personal venture capital firm, Bezos Expeditions.

The funding round also involved other investors, such as 500 Startups, Tribe Capital, Liquid 2 Ventures, and Raptor Group.

In May 2021, Chipper Cash made headlines again by successfully raising $100 million in a Series C funding round led by technology firm, SVB Capital.

The funding also involved investors such as Deciens Capital, Ribbit Capital, Bezos Expeditions, and FTX, a cryptocurrency derivatives exchange. The company has so far raised $143.8 million in total funding, and it plans to use the capital to introduce new services in its platform, offer more outreach to customers in its existing and new markets, and strengthen partnerships with merchants.

Revenue and Valuation

The company’s revenue and post-money valuation have been shrouded in secrecy due to the fact that it is privately owned, and it has not disclosed any specifics. During the company’s fifth fiscal year, which ends in March 2022, the company projects its annual revenue to reach approximately $100 million.

Its revenue is further expected to grow as it expands its payment and investment offerings and ventures into new territories. In May 2021, when the company raised $100 million in Series C funding round, Chipper Cash’s post-money valuation was estimated to be $1.5 billion.

This valuation figure is a significant increase from its $60 million valuation estimated in its previous funding round in November 2020.


As a private company, Chipper Cash’s ownership structure is not publicly disclosed. However, the company’s co-founders, Ham Serunjogi and Maijid Moujaled, remain the largest equity holders in the company.

According to sources, the previously issued stakes in the company led to a cumulative share of 30% that both of them now hold. The Series C funding round and separate secondary sales have diluted the co-founders’ stake to an estimated 22%.

Apart from the co-founders, other significant investors in Chipper Cash include Jeff Bezos, who now owns a stake in the company through his venture capital firm, Bezos Expeditions and FTX cryptocurrency derivatives exchange.

Since it began operations, Chipper Cash has shown an impressive growth trajectory, with its user base in its existing markets growing rapidly.

Its riskiness, revenue, and profit forecast from investors indicate confidence in the company’s outlook. Forbes estimated the net worth of the company’s founders at around $300 million each.

The fast-expansion of Chipper Cash in Africa and offering of innovative financial services may result in significant growth in the future, leading to higher valuations.


Chipper Cash’s success in securing significant investments from reputable venture capitalists is a testament to the innovative nature of its services. The company’s expansion into new markets and the introduction of new services show its determination to lead the digital payments landscape in Africa.

With a projected increase in revenue and valuation, the future seems bright for Chipper Cash. In conclusion, Chipper Cash has emerged as a leading fintech start-up in Africa, transforming the digital payments landscape and offering innovative investment opportunities to its users.

The company has secured significant funding from reputable venture capitalists and has gained a substantial user base in its existing markets. Although its revenue and valuation details remain unclear due to the company’s private ownership, its impressive growth trajectory suggests a promising future.

This article highlights Chipper Cash’s funding history and revenue and valuation status and emphasizes the importance of its innovative services that are shaping the financial ecosystem in Africa. The takeaway is that growth opportunities exist for fintech startups in Africa, and Chipper Cash is a good example of a company that has shown impressive growth potential.

Popular Posts