An African firm backed by Amazon CEO Jeff Bezos, Chipper Cash, has raised $30 million and is launching a cryptocurrency buying and selling service on account of excessive demand for cryptocurrencies, together with bitcoin. Customers of Chipper Cash will be capable of purchase and promote cryptocurrencies in addition to U.S. stocks, resembling Tesla, Apple, and Amazon, by way of the app.
Jeff Bezos-Backed Chipper Cash to Start Providing Crypto Buying and selling
African cross-border funds startup Chipper Cash has raised $30 million in a Sequence B funding spherical. It was led by enterprise capital agency Ribbit Capital, with the participation of Bezos Expeditions, the private VC fund of Amazon CEO Jeff Bezos.
Based in 2018 by Ugandan Ham Serunjogi and Ghanaian Maijid Moujaled, the San Francisco-based Chipper Cash affords fee-free cell P2P cost companies. The companies can be found in seven African international locations: Ghana, Uganda, Nigeria, Tanzania, Rwanda, South Africa, and Kenya. The app permits customers to ship and obtain cash throughout Africa. “Enjoy free transfers and the lowest cross-border rates,” its web site describes.
The Chipper Cash platform has three million customers and processes about 80,000 transactions each day on common. CEO Serunjogi mentioned that in June the app reached a month-to-month funds value of $100 million.
Chipper Cash plans to make use of the funds raised to offer extra services and products in addition to broaden into extra international locations. “On the product side, that entails offering more business payment solutions, crypto-currency trading options, and investment services,” Techcrunch reported Thursday and quoted Serunjogi as saying:
We’ve had demand from our customers to supply different value companies … like buying cryptocurrency property and making investments in stocks.
Chipper Cash has already added on its web site and app the choice to purchase and promote bitcoin in beta. Customers can even spend money on U.S. stocks by way of the app from Africa by way of a partnership with U.S. monetary companies firm Drivewealth.
The stock product will launch in Nigeria first after which broaden to different international locations, Serunjogi defined, including that Nigerians will “have the choice to purchase fractional stocks — Tesla shares, Apple shares or Amazon shares and others — by way of our app.”
Bezos is now the world’s richest particular person. Forbes reported in August that the Amazon CEO grew to become the world’s first-ever particular person to amass a $200 billion fortune.
Serunjogi believes that the backing of well-known traders resembling Jeff Bezos advantages Africa as a complete. He opined: “It’s a big deal when a world class investor like Bezos or Ribbit goes out of their sweet spot to a new area where they previously haven’t done investments … Ultimately, the winner of those things happening is the African tech ecosystem overall, as it will bring more investment from firms of that caliber to African startups.”
What do you concentrate on Jeff Bezos-backed Chipper Cash? Tell us within the feedback part beneath.
Picture Credit: Shutterstock, Pixabay, Wiki Commons
Disclaimer: This text is for informational functions solely. It isn’t a direct supply or solicitation of a proposal to purchase or promote, or a advice or endorsement of any merchandise, companies, or corporations. Bitcoin.com doesn’t present funding, tax, authorized, or accounting recommendation. Neither the corporate nor the creator is accountable, straight or not directly, for any injury or loss precipitated or alleged to be brought on by or in reference to using or reliance on any content material, items or companies talked about on this article.