Jeff Bezos invests in African funds startup Chipper Money

Jeff Bezos invests in African payments startup Chipper Cash

Jeff Bezos’s private VC fund has joined a $30 million Sequence B funding spherical for African cross-border funds startup Chipper Money.

Bezos Expeditions joined a spherical led by Ribbit Capital for Chipper Money, which was based in San Francisco in 2018 by Ugandan Ham Serunjogi and Ghanaian Maijid Moujaled.

Presently obtainable in seven African nations – Ghana, Kenya, Nigeria, Rwanda, South Africa, Tanzania and Uganda – in addition to the UK, Chipper Money is a cellular app that lets individuals switch cash throughout borders, quick and cheaply. On its web site, the startup claims to have three million customers, making 80,000 transactions a day.

Serunjogi tells TechCrunch that Chipper will use the funding to develop into new nations in addition to introduce new providers, together with letting customers spend money on shares and purchase cryptocurrency.

The funding spherical is the most recent huge cash backing for an African funds agency. In October, Stripe purchased Lagos-based funds agency Paystack in a deal reportedly value greater than $200 million.

Final 12 months Visa purchased a ‘vital’ minority fairness stake in Nigerian funds processor Interswitch in a deal that propelled the African agency into Unicorn territory. In the identical 12 months, Mastercard-backed e-commerce specialist Jumia went public, itemizing on the Nyse.

Serunjogi tells TechCrunch: “It’s a giant deal when a world class investor like Bezos or Ribbit goes out of their candy spot to a brand new space the place they beforehand haven’t finished investments. Finally, the winner of these issues taking place is the African tech ecosystem general, as it’ll convey extra funding from corporations of that caliber to African startups.”

Digital funds will likely be mentioned in depth at EBAday 2020. For delegate passes, register now and be a part of leaders from throughout Europe’s funds ecosystem as EBAday addresses ‘The Turning Level in Funds Transformation’.

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