Chipper Cash is a relatively new fintech startup that has recently been making the news in business circles. Its specialty is facilitating cross-border payments. While some question the legitimacy of the operation, major investors lend credence to the startup as a legitimate business in the financial arena. To help you know more about this new financial tech company, here are 20 things you didn't know about Chipper Cash.
1. Chipper Cash provides a range of financial products
According to Bitcoin News, Chipper Cash offers a wide range of financial products. It recently added cryptocurrency trading options along with its business payment solutions. The company surveys the general public to learn which financial products are the most highly valued and it adds them accordingly to achieve customer satisfaction and to draw in more clients.
2. Chipper Cash is an African fintech firm
Although the headquarters is located in San Francisco, California, Chipper Cash is categorized as an African fintech firm. The CEO of the company is Ham Serunjogi, and he shared that the company serves a variety of African and other emerging markets. The latest product is a cryptocurrency, and this is a product that is becoming more popular in Africa.
3. It's not offering Crypto in Nigeria
Although it is available to many clients throughout the world, the company does not currently offer this option to people who live in Nigeria at this time. The Central Bank of Nigeria has instituted a directive that prohibits the use of cryptocurrency. This prevents them from offering the services there, however, the CEO believes that in time there is likely to be a change in the anti-crypto directive and they are looking forward to including it in this option when conditions change.
4. Chipper Cash is a venture-capital-backed company
Any concerns over the legitimacy of Chipper Cash have been put to rest by thorough investigations and high investor interest in the company. It is confirmed to be a legitimate fintech and has secured funding from some of the largest VC investors in the world. It recently closed a round of Series C funding that raised $100 million for growth and expansion. Investors who put their trust in the company include Silicon Valley Bank's SVB Capital, leading the round. Other participating investors include Ribbit Capital, Deciens Capital, and Jeff Bezos' Bezos Expedition. Investor confidence for a decent return on investment in Chipper Cash is high.
5. Chipper Cash is still in its infancy
According to Techcrunch, if you look at the amount of time that Chipper Cash has been in operation, it's still in its infancy. This seems to not apply, however, when you look at the rapid growth of the startup. It has gained a great deal of maturity as a legitimate business in just a little under three short years. Timewise, it's a young company, but VC investors have boosted it to a Series C VC tech firm that has a high valuation and a growing customer base.
6. The founders of Chipper Cash are African
Two co-founders are responsible for the launch of Chipper Cash. Ham Serunjogi, who is from Uganda, and Majid Moualed, who hails from Ghana. Both young men are natives of African countries who chose the United States to launch their new business venture.
7. Chipper Cash only serves clients in Africa
This fintech firm has set up its operations to serve countries within the African continent. so far, it has not expanded its offering beyond this region. The seven countries that are served by Chipper Cash include Kenya, South Africa, Tanzania, Nigeria, Rwanda, Uganda, and Ghana.
8. Chipper Cash is free to use
Chipper Cash offers its mobile-based P2P payment services for free. It does not charge a fee to use the software. It's only available for people who live in the seven African countries listed above, however. This is one of the benefits that is drawing so many users in to use the service. Most other payment services charge fees for use. This is one more feature that sets Chipper Cash apart from the rest.
9. Chipper Cash owns and operates Chipper Checkout
Chipper Checkout is the arm of Chipper Cash that generates revenue. It is a payment product that is available for merchants that do charge a fee for use. This is how Chipper Cash makes its money and it is the resource that allows it to offer payment services for many at no cost.
10. Chipper Cash has grown from a small operation to a leader in its industry
Chipper Cash has attracted a massive number of users in the short time that it has been in business. It's been less than three years since it first launched its P2P payment services. The CEO of the firm shared that the platform has now scaled to more than three million users. It processes monthly payments of about $100 million with an average daily transaction rate of eighty-thousand.
11. Chipper Cash is planning to expand
Chipper Cash has recently received several rounds of venture capital funding that have made it possible for the firm to expand its offerings. Strategic plans for adding more products as well as for moving into new geographical locations are a part of its expansion and growth plans. The CEO confirmed that Chipper Cash is in the process of developing even more business payment solutions and it plans to add investment services as an option which includes crypto-currency trading options. Due to the demand from current customers, it is going to offer services that help its clients to invest in stocks and to buy and sell Bitcoin from its new beta dropdowns that are found on its website as well as its app.
12. Chipper Cash has partnered with a United States financial services firm
As a part of its new drive to add the ability to invest in stocks from the United States for its African users, Chipper Cash has formed a new partnership. It signed an agreement with DriveWealth, which is a financial services company that is located in the United States. This is the first step in offering services for clients to start making investments in the stock market. The first launch of the stock product is taking place in Nigeria to give the people there a way to purchase fractional stocks from companies such as Apple, Amazon, Tesla, and more. The app will launch in Nigeria and then expand to the other countries served by Chipper Cash.
13. Chipper Cash is expanding into more countries
The CEO of Chipper Cash has explained that the enterprise plans to use funds from its round of Series B funding to expand into additional countries. He did not elaborate on which countries Chipper Cash plans to move into, but he did confirm that an announcement of its plans with more details will be released at the end of 2021. An additional API payment solution that it plans to add before this new expansion effort includes a new product that provides business enterprises with the ability to collect payments for the sales of their goods.
14. Chipper Cash is a versatile fintech company
According to Crunchbase, Chipper Cash offers a variety of different financial services. It is listed on the world wide web under four major industry categories. It is first and foremost a financial services startup. It is also classified as a fintech company because it develops its financial products for use by its clients. It is also listed under Mobile Apps and Mobile payments as well as under payments to help people searching for all of these services to more easily find the company in a web search.
15. Chipper Cash has an eight-member executive leadership team
Chipper Cash has grown into a large enterprise, but it is led by a fairly small, but a top-notch group of just eight executives on its leadership team. Ham Serunjogi is a co-founder and currently serves as Chipper Cash's chief executive officer. He stands at the helm of this wildly successful fintech company. Maijid Moujaled is a co-founder and serves as the president of Chipper Cash. Lisa Dawson is the chief compliance officer. Patrick Triest is the chief technology officer. Hasan Luongo is the vice president of growth marketing. Marc Gottschalk is the general counsel for the company. Matt Karazin is the senior software engineer, and Alicia Levine is the chief operating officer.
16. Chipper Cash has a small board of directors
There is just one member on the board of directors for Chipper Cash. This is not unusual for a company that has only been in operation for a little over two years. There has not yet been sufficient time to put together a larger board of directors, but the company is beginning to build its advisory panel. The first and only member of the Chipper Cash board is Mr. Daniel Kimerling. He joined the board of Chipper Cash in May of 2019. Kimerling brings a wealth of knowledge and experience to the job. He is co-founder and general partner of Deciens Capital, an investor in Chipper Cash. Mr. Kimerling has founded two organizations. He currently sits on seven different boards providing advisory services for these companies. It's common for investors to designate a member of their group to provide advisement for companies that their firms invest in as a part of the agreement to back the companies financially.
17. Chipper Cash has a highly-ranked website
The Chipper Cash website is one of its greatest marketing tools. The statistics for Chipper Cash show that the website gets an average of 26,829 visitors monthly as of the end of April of 2021. It is ranked as number 690,999 of all of the websites that are registered on the internet globally because of the high number of monthly web visitors the site receives. The numbers, however, are down a little. There is a decline in the growth of monthly visits to the website of 8.66 percent. The majority of visitors are from the country of Nigeria, which represents 54 percent of the web traffic to the site. This is followed by 27 percent who originate in the United States, followed by 10 percent from Kenya, 4 percent from South Africa, and 2 percent from the United Kingdom. The statistics show that there is a growth in interest from people in South Africa and Kenya.
18. Chipper Cash has a solid financial backing
Chipper Cash is a venture capital-backed enterprise that has secured the confidence of several major investors. So far, the firm has raised a total of $152.2 million in VC funding. The investments were raised over a series of five rounds with the most recent closing on May 31, 2021, in the form of a Series C round. A total of 16 investors participated in the fundraising event.
19. Chipper Cash is hiring
According to LinkedIn, Chipper Cash is currently hiring, but there are just a few new jobs listed on the website. It is hiring two positions for remote workers in the United States. Two positions are open in Nigeria, and one in Kenya. There are 126 employees in the Chipper Cash workforce.
20. Chipper Cash is a unicorn company
Chipper Cash may be a small enterprise with regard to the numbers of workers, but they are doing something very right. The firm has achieved unicorn status, which means that it has a valuation of at least $1 billion or more. According to Benjamin Dada, Chipper Cash has become Africa's sixth unicorn company. The most recent round of Series C venture capital funding raised $100 million, which put Chipper Cash over the top and gave it a valuation that exceeds $1 billion. It recently joined the elite group of billion-dollar companies and this is a significant milestone for African tech startups. It shows that the country is beginning to emerge on the tech scene in the marketplace. Chipper Cash remains a privately owned venture capital company that is not listed on the stock exchanges.
Written by Allen Lee
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