Chipper Cash - Funding Africa's Future
Chipper Cash's Words :
Chipper Cash, Africa’s fastest-growing fintech, was founded in 2018 by Ham Seunjogi and Majid Moujaled on the idea that moving money across the continent should be transparent, instant, and trouble-free.
blog.chippercash.com
Chipper cash, an African cross-border payments company allows one to transfer money swiftly across Africa or the ocean with the lowest cross-border rates. It has 4 million users and 40,000 new users a day with an average transaction time of about 0.03 seconds. It is known for 80,000 transactions per day. It's the borderless way to send and receive money across 9 countries: the US, the UK, Ghana, Uganda, Tanzania, Rwanda, Nigeria, South Africa, Kenya, and many to come in the future.
Chipper is the first and only Fintech licensed to offer fractional stocks in Uganda. Also, for the first time, ever anybody in Uganda can buy shares listed in US stocks. The chipper users in South Africa can buy cryptocurrencies legally within their chipper app. It is also available to anyone in the US to transfer money securely within the US and out to Africa and Europe.
It has officially launched the developer platform called the network API, which is a single integration interface that allows individuals and businesses to easily request and collect payments from all of the millions of chipper users today by sending an instant push notification that the chipper users can approve in few simple steps. The company is currently working with over forty different merchants from 18 countries across the four continents. It provides a wide variety of businesses across the spectrum of industries in the same pipeline covering everything from e-commerce to consumer surveys. cryptocurrency, financial derivates, on-demand food, ride-sharing, digital content services, credit and banking, dating, mobile games, social media, and everything in between.
Today, partnership starts with a global team and extends to the many others that help the company move forward in fulfilling the mission. There is a regulatory partnership with the Bank of Uganda due to which the chipper is available to almost 30 million Ugandans back home. Chipper lives in the USA through a partnership with the community federal saving bank ( Cfsb) means it is available in the USA to support other Ugandans and another African diaspora, and send money back home with no fees and at the best rates. It is incredibly exciting for Chipper to kick off a partnership with the African giant Burna Boy and his incredible team.
Together with simi, Visa, GTP, and United Bank of Africa they have launched a chipper card out in Nigeria and working together to expand this free product across the continent. The team of Chipper in Kenya recently toured rural schools providing essential reading and writing books to thousands of young students. They are also looking forward to doing more with the communities across Africa such as Lagos food bank and STEM cave out in Nigeria and developers involved in ghana. The latter two organizations serve to inspire a new generation of young African engineers and scientists. Chipper aims to serve its customers by bringing together all of these partnerships into an easy-to-use, reliable, and low-cost experience.
Recent years have witnessed a surge in the number of fintech investments, with record funding levels and rising valuations. The strong investment activity in the fintech sector continued in 2020, despite the global slowdown in venture capital deals caused by the COVID-19. According to data presented by AskjeBloggen.com, the cumulative value of funds fintech startups raised over time hit $121.7bn in February, for a $20bn increase in a year. In 2018, fintech startups raised $31.3bn with the cumulative funding value reaching $71.3bn that year, revealed the Crunchbase data. By the end of 2019, this figure jumped to $95.8bn, a $24.5bn increase in a year. Statistics show that 2020 witnessed $20.3bn of investments into the fintech sector, despite a significant drop in global venture capital funding caused by the pandemic. The cumulative value of investments hit $116.1bn last year, and this figure rose by another $5.6bn in the last two months. Statistics show also that Asian fintech leads in the total value of investments, with $50.3bn in funding rounds so far. The North American companies raised $47.8bn in funding, ranking as the second-leading region globally. European fintech startups follow with $18.2bn worth of investment. The BCG data revealed the number of fintech startups worldwide tripled in the last two years, rising from over 12,200 in 2019 to 26,000 in 2021. The fintech company Chipper has the vision to accelerate this program of bringing core financial services to a billion people in Africa.