African FintechWoos Joe
TechCrunch has reported that African payment fintech Chipper Cash managed to successfully raise USD 2.4 million in a funding round, after enticing several high-profile backers, including American football athlete Joe Montana.
After launching seven months ago as a peer-to-peer cross-border payments services without fees, they decided to raise funds for further expansion. This round was led by Deciens Capital and joined by 500 Startups and Liquid 2 Ventures, of which Montana is a co-founder.
Chipper Cash Chief Executive Ham Serunjogi revealed that he went directly to the ex 49ers star to pitch the company:
“He was quite excited about what we’re doing and his belief that the next wave of (tech) growth will come from …Africa… Our tech settles cross-border currency transactions in real time, and that’s part of the value proposition of the platform.”
The African continent is still home to huge swathes of so-called unbanked people, Africans who do not have bank accounts or access to banking services such as remittance and loans. Cashless payments and other fintech services are, therefore, finding a lot of traction here.
Based in San Francisco, Chipper Cash has operations in Kenya and Ghana, and has processed upwards of 250,000 transactions for a userbase of 70,000 active people. It plans to launch a C2B mobile payments app, which will be a paid app. Revenues from there will be used to support its earlier no-fee enterprise.
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