Chipper Cash, an African fintech startup, has raised USD 100 Mn in a Series C round led by SVB Capital, the investment arm of Silicon Valley Bank. Deciens Capital, One Way Ventures, Ribbit Capital, 500 Startups, Bezos Expeditions, Tribe Capital, and Brue2 Ventures are among the other participating investors.
Chipper Cash offers mobile-based, no fee, peer-to-peer (P2P) payment services in seven African countries: Ghana, Uganda, Nigeria, Tanzania, Rwanda, South Africa, and Kenya.
The startup intends to use the additional Series C capital to launch new products and increase its workforce by up to 100 people. New products will include US stock offerings for users in Nigeria and Uganda.