Businesses & Financial News

Fintech startup Chipper Cash makes Kenyan entry

Photo Caption: Maijid-Moujaled-Left-and-Ham-Serunjogi-Co-Founders-of-Chipper-Cash

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Fintech startup Chipper Cash has made a foray into the local market, introducing cross-border money transfer and payment solutions tailored to drive trade in Africa.

Already, the mobile-based platform has nearly1.5 million users in seven countries on the continent including more than half a million users in Kenya.

Others are South Africa, Nigeria, Ghana, Tanzania, Rwanda and Uganda with plans to expand it services to rest of the continent by the end of 2021.

“We had the privilege of growing up on the continent and being trained in the West,” says Ham Serunjogi, who, along with Maijid Moujaled, founded Chipper Cash in 2018. “We thought, ‘How do we leverage that? How can we build something impactful?”

Both founders grew up in Africa—Serunjogi in Uganda, Moujaled in Ghana—and immigrated to the United States for school.

Last month, Chipper Cash, closed a $13.8 million (Sh1.5 billion) in a seed round to hire 30 new staff across its global operations mainly in Nairobi, San Francisco, Lagos, London and New York.

“We’re now at over one and a half million users and doing over a $100 million (Sh10.7 billion) a month in volume”, Serunjogi said.

With Chipper Cash, a person in Kenya is able to send money to friends and loved ones living in Uganda, Rwanda, Tanzania, Nigeria, Ghana or South Africa with ease and at no transfer fees, giving it competitive edge over Western Union and Money Gram.

The money transfer platform generates revenues from Chipper Checkout and payment volume float are used to support its Chipper Cash’s free cross-border money transfers.

 

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