Jeff Bezos has agreed to back Africa-focused financial technology company Chipper Cash, making it his first start-up investment on the continent.
The world’s richest man’s personal venture capital fund, Bezos Expeditions, supported the series-B funding led by Ribbit Capital, which raised US$30-million for the San Fransisco-based company.
“Jeff Bezo’s backing of Chipper Cash will widen the company’s product suite through inclusion of more business payment solutions, crypto-currency trading options and investment services,” the company said in an e-mailed statement.
Chipper Cash enables instant cross-border mobile money transfers in Africa and abroad and will use the funds for expansion into countries it will announce in 2021. The company has three million users on its platform across Ghana, Uganda, Kenya, Tanzania, Rwanda, Nigeria and South Africa, and processes an average of 80 000 transactions daily, according to the statement.
“We are responding to the demand from customers on our P2P platform who also have business enterprises,” Chipper Cash CEO Ham Serunjogi said in the statement. — Reported by Bella Genga, (c) 2020 Bloomberg LP