Free-Cross Border Payments Firm Chipper Cash Raises $13.8 Million in Expansion Drive

Ham Serunjogi Chipper Cash CEO
Ham Serunjogi, Chipper Cash Co-founder and CEO

Chipper Cash has been running its operations for more than two years.

The firm, which boasts no-fee cross-border payments has been running operations in Kenya and some key markets in Africa.

It has since raised $13.8 million in Series A funding that was led by Deciens Capital.

The funds, according to the firm, will be used to expand operations and hire 30 more staff across its markets.

Chipper had previously raised $22 million two years after launch. At that time, it was running operations in Ghana, Uganda, Nigeria, Tanzania, Rwanda, South Africa and Kenya.

At the moment, and according to Tech Crunch, Chipper Cash has more than 1.5 million subscribers who are doing $100 million in monthly volumes.

The payments firm is also running Chipper Checkout, which is merchant-centred for paid mobile payments. The business generates funds that support its free cross-border payments.

The $13.8 million will be used to supplement its workforce in San Francisco, Lagos, London, Nairobi and New York.

Furthermore, TechCrunch reports that the firm has since sought the services of Lisa Dawson who has key knowledge about regulatory requirements for new markets.

The new markets, in this case, have not been revealed. Still, it is likely Chipper will expand its turf in Africa to cover more than 7 countries it’s serving.

“We’ve been huge beneficiaries of the generosity and openness of this country and its entrepreneurial spirit,” says co-founder Ham Serunjogi.  “But growing up in Africa, we’ve were able to navigate [the U.S.] without the traumas and baggage our African American friends have gone through living in America.”

WATCH: Chipper Cash FAQs – Verification, Bonuses and Other Do’s and Don’ts