SF based African fintech startup Chipper Cash expands to Nigeria

The African no-rate, corrupt-border cost startup Chipper Cash has expanded to Nigeria.

The San Francisco basically based mostly startup, with offices in Ghana and Kenya, will offer its P2P cost provider and app in Africa’s most populous nation in partnership with PayStack—the rate gateway firm. Paystack CEO Shola Akinlade confirmed the collaboration.

Chipper Cash will establishe a firm presence in Lagos and has hired a nation supervisor, Abiodun Animashaun, co-founder of Lagos-basically based mostly hump-hail startup Gokada.

Animashaun is one amongst two senior figures departing African tech ventures to join Chipper Cash. Alicia Levine will leave Nairobi basically based mostly cyber net hardware and repair startup BRCK to became Chipper Cash’s Chief Working Officer, in line with Chipper Cash CEO Ham Serunjogi.

The startup went are residing in October 2018, becoming a member of a discipline of fintech startups aiming to scale digital finance capabilities across Africa’s billion-plus population.

Chipper Cash changed into as soon as co-founded by Serunjogi (from Uganda) and Ghanaian Maijid Moujaled, both of whom emigrated to the U.S. to explore and work in Silicon Valley.

The fintech firm now has extra than 70,000 active customers and has processed 250,000 active transitions on its no-rate, P2P, corrupt-border cell-money funds product.

The startup furthermore runs Chipper Checkout: a provider provider-focused, rate-basically based mostly C2B cell funds product that helps its no-rate cell money enterprise.

Chipper Checkout will make its debut in Nigeria several months after Chipper Cash’s cell funds commence, in line with Serunjogi.

The crucial to stride to Nigeria changed into as soon as colorful straight-forward. “Nigeria is the supreme economy and most populous nation in Africa. Its fintech enterprise is one amongst essentially the most improved in Africa, up there with Kenya and South Africa,” he talked about.

“I reflect for any firm doing fintech across borders, that is having a learn about to set aside success in Africa, it’s crucial that you simply have got got a presence in Nigeria.”

For some fintech startups, comparable to Chipper Cash, finding in Nigeria is now not moral strategic for expanding in Africa, but furthermore to assist global ambitions.

Chipper Cash changed into as soon as now not too lengthy within the past profiled in an ExtraCrunch feature as one amongst three African fintech startups — with targets to scale globally — that has co-located in San Francisco with operations in Africa. The play is to tap essentially top-of-the-line of both worlds in VC, builders, and the frontier of digital finance.

Toward that raze, Chipper Cash raised a $2.4 million seed spherical led by Deciens Capital this May well furthermore.

The funds firm furthermore persuaded 500 Startups and Liquid 2 Ventures — co-founded by American soccer legend Joe Montana — to join the spherical.

Per stats supplied by Briter Bridges and a 2018 WeeTracker explore, fintech now receives the bulk of VC capital and deal-trot to African startups.

A range of estimates demonstrate the continent’s 1.2 billion other people characterize the supreme portion of the arena’s unbanked and underbanked population.

As neatly as to creating bigger financial inclusion on the continent, African fintech merchandise and solutions own furthermore found traction internationally. Safaricom (M-Pesa), Flutterwave, Paystack, Paga, Mines, and Chipper Cash are amongst companies that offer or notion to present their merchandise in regions comparable to Asia, Europe, and Latin The united states.

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