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- Chipper Cash
Chipper Cash Revenue, Valuation, Funding & Investors
Chipper Cash is valued at $1.3B as of January 2022, a 16.7x multiple on its last reported $75M revenue.
Last Chipper Cash valuation
$1.3B
Undisclosed stage · Jan 2022
Last Chipper Cash funding round
$35M
Undisclosed stage · Jan 2022
Chipper Cash revenue
$75M
Undisclosed stage · Jan 2022
Key investors in Chipper Cash
Deciens Capital
500 Global
One Way Ventures
Ribbit Capital
Bezos Expeditions
Liquid 2 Ventures
About Chipper Cash
Chipper Cash is a fintech platform enabling instant cross-border mobile money transfers across Africa. Headquartered in San Francisco, California, and founded in 2017, the app supports fee-free remittances, bill payments, and savings accounts in countries including Nigeria, Ghana, Uganda, and Tanzania. Chipper Cash integrates with local wallets like MTN MoMo and Airtel Money, processing billions in transaction volume annually for millions of users.
Founded
2018
HQ
Website
Status
Privately held
Customer focus
B2C
Revenue model
Commission
Revenue
$75M (Jan 2022)
Valuation
$1.3B (Jan 2022)
Chipper Cash Valuation
Chipper Cash is currently valued at $1.3B, based on its undisclosed-stage round in January 2022.
The $35M round was led by Alameda Research.
Chipper Cash's valuation has grown 156x from $8M at its seed round in May 2019 to $1.3B in January 2022, across 3 priced rounds.
Chipper Cash valuation by funding round
Revenue multiple| Date | Stage | Valuation | Revenue Multiple |
|---|---|---|---|
| Jan 2022 | Undisclosed stage | $1.3B | 16.7x |
| Nov 2021 | Series C | $2B | - |
| May 2019 | Seed | $8M | - |
Chipper Cash Revenue
Chipper Cash's latest recorded revenue is $75M, as of its undisclosed-stage round in January 2022. At a $1.3B valuation, that implies a 16.7x revenue multiple.
Chipper Cash revenue by funding round
| Date | Revenue * | Valuation | Revenue Multiple | Stage |
|---|---|---|---|---|
| Jan 2022 | $75M | $1.3B | 16.7x | Undisclosed stage |
* Revenue (or ARR) figures are the values recorded alongside each funding round. Typically run-rate revenue at the time of the deal, or a reported LTM (last 12 months) revenue.
Chipper Cash Funding History
Chipper Cash has raised a total of $337M across 7 funding rounds.
Chipper Cash's first fundraising round was a $2M seed round in May 2019. The most recent completed round was a $35M undisclosed-stage round in January 2022.
Chipper Cash funding rounds
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| Jan 2022 | Undisclosed stage | Alameda Research (lead) | $35M | $1.3B | Chipper Cash is an African cross-border payments fintech founded in 2018 that enables users to connect multiple mobile-money accounts to a single wallet for seamless global transfers, with particular focus on remittances and creator payments across Africa and emerging markets. The company achieved unicorn status in May 2021 after raising a $100 million Series C round led by SVB Capital at a valuation above $1 billion. Following this success, Chipper Cash raised an additional $150 million in a Series C extension round in November 2021 led by FTX, bringing the company's total Series C funding to $250 million and its valuation to $2 billion, making it one of Africa's most valuable private startups at that time. However, documents from Alameda Research's venture capital portfolio revealed that FTX later provided an additional $35 million to Chipper Cash as a SAFE investment at a reduced valuation of $1.25 billion, representing a 37.5% markdown from the prior $2 billion valuation. This down-round investment occurred in November 2022, shortly before FTX's bankruptcy, and coincided with Chipper Cash laying off approximately 50 employees (12.5% of its workforce). By the approximate date of the query (early 2022), the most recent disclosed valuation was the $2 billion figure from the FTX-led Series C extension closing in November 2021, though the later $1.25 billion valuation marked a significant shift in company valuation before the crypto exchange's collapse. |
| Nov 2021 | Series C | FTX (lead); SVB Capital; Ethos VC; One Way Ventures; Nevcaut Ventures; Tribe Capital; Ribbit Capital; Bezos Expeditions; Deciens Capital | $150M | $2B | Chipper Cash is an African cross-border digital payments and remittance platform that enables users to connect multiple mobile money accounts to a single wallet for seamless global transfers. The company had expanded its services to test cryptocurrency-enabled payment capabilities in Uganda and South Africa as part of FTX's strategic partnership to make money transfer as simple as a text message and accelerate crypto adoption in Africa and beyond. In November 2021, Chipper Cash completed a $150 million Series C extension round led by FTX (Alameda Research), adding to the $100 million Series C round closed by SVB Capital in May 2021 for a combined Series C total of $250 million. The extension round valued the company at $2 billion, making Chipper Cash one of Africa's five unicorns and its most valuable startup at the time. Co-investors in the extension round included Bezos Expeditions, Deciens Capital, One Way Ventures, Ribbit Capital, SVB Capital, and Tribe Capital, along with other unnamed new investors. FTX financed approximately $40 million of the $150 million extension, and provided an additional $35 million via SAFE at a reduced $1.25 billion valuation in December 2022 before FTX's bankruptcy filing. Prior to the Series C rounds, Chipper Cash had raised approximately $155 million in earlier funding stages (Seed through Series B) from investors including Bezos Expeditions and Ribbit Capital, bringing total funding to over $305 million by November 2021. The company's total funding across all rounds eventually reached approximately $341.58 million, including a $3.98 million debt round in April 2023. |
| May 2021 | Series C | SVB Capital (lead); Rocketship.vc; TEN13; One Way Ventures; Intersection Fintech Ventures; Tribe Capital; Ribbit Capital; Singh Capital Partners; Bezos Expeditions; Brue2 Ventures; Deciens Capital; 500 Global | $100M | - | Chipper Cash is a San Francisco-based fintech company founded in 2018 by Ugandan Ham Serunjogi and Ghanaian Maijid Moujaled, offering cross-border peer-to-peer payments across seven African countries including Ghana, Uganda, Nigeria, Tanzania, Rwanda, South Africa, and Kenya. The company enables fee-free or low-cost remittances, with recent expansions to the UK and US, partnering with DriveWealth for stock trading access. At the time of the SVB-led Series C, it had four million users and saw a 33% rise in user numbers, planning to add 100 employees. In late May/early June 2021, Chipper Cash raised $100 million in its initial Series C round led by SVB Capital, with participation from existing investors like Deciens Capital, Ribbit Capital, Bezos Expeditions, One Way Ventures, 500 Global (aka 500 Startups), Tribe Capital, Brue2 Ventures, and others including Intersection Fintech Ventures, Rocketship.vc, Singh Capital Partners, and TEN13. This brought total funding to approximately $152 million across seed, Series A, B, and C rounds. CEO Ham Serunjogi claimed it was Africa's most valuable private startup, sparking unicorn speculation. Six months later in November 2021, Chipper Cash raised a $150 million Series C extension led by FTX Ventures, with SVB Capital and others like Deciens, Ribbit, Bezos Expeditions, One Way Ventures, and Tribe Capital reinvesting, pushing total Series C to $250 million and overall funding over $305 million. This extension valued the company slightly above $2 billion post-money, confirming unicorn status amid debates. Funds supported product expansion, geographic reach, US remittances, and partnerships like Twitter for creator payouts. Chipper Cash competed in Africa's hot fintech sector, alongside unicorns like Flutterwave ($170M raise) and OPay ($1.5B valuation rumor). It differentiated with cheaper remittances and Africa-to-US corridors, processing 80,000 daily transactions by late 2021. |
| Nov 2020 | Series B | Ribbit Capital (lead); JAM Fund; TEN13; Flyer One Ventures; One Way Ventures; Bezos Expeditions; 500 Fintech; Deciens Capital; Antenna Ventures; 500 Global | $30M | - | Chipper Cash is a San Francisco-based fintech company founded in 2018 by Ham Serunjogi and Maijid Moujaled that enables free and instant peer-to-peer cross-border payments across Africa and Europe, with expansion into the United States and United Kingdom. The platform also provides business payment processing solutions and personal investment products including stocks and cryptocurrency trading. In November 2020, Chipper Cash closed a Series B funding round of $30 million led by Ribbit Capital and including co-investors Bezos Expeditions and others, following earlier seed rounds totaling $8.4 million in 2019-2020 and a Series A of $13.8 million led by Deciens Capital. By the time of Series B close, the company had grown to approximately 200 employees and reported 4 million registered users with daily transaction volumes reaching 80,000 transactions per day. The company's valuation at the Series B close was not publicly disclosed. By 2021, Chipper Cash had generated over $75 million in revenue primarily from foreign exchange fees, and eventually reached a peak valuation of $2.2 billion in November 2021 following a Series C extension round of $150 million led by FTX. |
| Jun 2020 | Series A | Deciens Capital (lead); Raptor Group (lead) | $14M | - | Chipper Cash raised $13.8 million in a Series A round on June 16, 2020, co-led by Deciens Capital and Raptor Group, with participation from Liquid 2 Ventures, 500 Global, and TEN13. The San Francisco-based fintech provides no-fee peer-to-peer cross-border payments across seven African countries and operates Chipper Checkout, a merchant-focused fee-based mobile payment product that generates revenue to support its free P2P service. The company planned to use the funds to hire up to 30 staff across San Francisco, Lagos, London, Nairobi, and New York, including a new compliance officer to meet regulatory requirements for expansion. At the time, CEO Ham Serunjogi reported over $100 million in monthly volume. Chipper Cash was founded in 2018 by Ugandan Ham Serunjogi and Ghanaian Maijid Moujaled, both with prior Big Tech experience in Silicon Valley. |
| Dec 2019 | Seed | Deciens Capital (lead); Liquid 2 Ventures; Catalyst Fund; Raptor Group; Recharge Capital; Bossa Invest; 500 Global | $6M | - | Chipper Cash raised a $6 million seed round on December 16, 2019, led by Deciens Capital, with participation from investors including 500 Global, Liquid 2 Ventures, and others. This followed a $2.4 million seed round in May 2019, also led by Deciens Capital, bringing total funding that year to $8.4 million. The San Francisco-based fintech, founded in 2018 by Ham Serunjogi and Majid Moujaled, provides no-fee, borderless P2P mobile money payments across Africa, operating in countries like Ghana, Uganda, Nigeria, Kenya, Rwanda, and Tanzania. At the time of the December round, Chipper Cash reported over 600,000 active users and more than 3 million transactions processed on its cross-border platform. The company planned to expand further, including to Southern Africa, and had recently launched in Nigeria. Alongside its free consumer app, Chipper Cash introduced Chipper Checkout, a merchant-focused C2B payments product that generates revenue to subsidize the no-fee P2P service, modeled after PayPal's approach. |
| May 2019 | Seed | Deciens Capital (lead); Transition Level Investments; Liquid 2 Ventures; Catalyst Fund; TeleSoft Partners; One Way Ventures; 500 Global | $2M | $8M | Chipper Cash is an African cross-border fintech startup offering mobile-based, no-fee peer-to-peer payment services across countries including Ghana, Uganda, Nigeria, Tanzania, Rwanda, Kenya, and South Africa. Founded in 2018 by Ham Serunjogi and Maijid Moujaled, the San Francisco-based company secured a Series Seed-1 round on May 9, 2019, raising $2 million led by Deciens Capital with participation from 500 Startups and Liquid 2 Ventures at a post-money valuation of $7.79 million. This aligned with an approximate $2.4 million seed raise around that period, supporting early expansion including into Nigeria. By late 2019, Chipper Cash had grown to over 1.5 million users and processed over $100 million in monthly volume. A subsequent $6 million seed round in December 2019, also led by Deciens Capital with Raptor Group, brought total seed capital above $8 million, funding team growth and geographic expansion into Southern Africa. |
Who has invested in Chipper Cash?
27 investors have backed Chipper Cash across its funding rounds, including Deciens Capital, 500 Global, One Way Ventures, Ribbit Capital, Bezos Expeditions and Liquid 2 Ventures.
Lead investors include Alameda Research, FTX, SVB Capital, Ribbit Capital, Deciens Capital and 1 other investor.
Chipper Cash Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| 6 | Lead | May 2019 | ||
| 4 | Participant | May 2019 | ||
| 4 | Participant | May 2019 | ||
| 3 | Lead | Nov 2020 | ||
| 3 | Participant | Nov 2020 | ||
| 2 | Lead | May 2021 | ||
| 2 | Participant | May 2019 | ||
| 2 | Participant | May 2019 | ||
| 2 | Participant | Nov 2020 | ||
| 2 | Participant | May 2021 | ||
| 2 | Lead | Dec 2019 | ||
| 1 | Participant | Nov 2020 | ||
| 1 | Participant | May 2021 | ||
This data is available for Pro users. Sign up to see all 27 Chipper Cash investors. Start Free Trial | ||||
Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples
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Start Free TrialAcquisitions by Chipper Cash
Chipper Cash has acquired 1 company to date.
Last acquisition by Chipper Cash was on December 7th 2022. Chipper Cash acquired Zoona for $21M.
Latest Acquisitions by Chipper Cash
| Description | Zoona is a mobile technology company delivering money transfers, electronic voucher payments, and agent payment services throughout Africa. It maintains operations in Zambia, Malawi, and Mozambique alongside support offices in South Africa. Founded in 2009, the platform connects young entrepreneurs with digital tools to extend reliable financial access to underserved populations via widespread agent networks. |
| HQ Country | |
| HQ City | Cape Town |
| Deal Date | 7 Dec 2022 |
| Valuation | $21M |
| EV/Revenue | |
| EV/EBITDA | |
This data is available for Pro users. Sign up to see all Chipper Cash acquisitions and their M&A valuation multiples. Start Free Trial | |
Investments by Chipper Cash
Chipper Cash has invested in 1 company to date.
Latest investment by Chipper Cash was on June 22nd 2022. Chipper Cash invested in Thepeer in their $2M Seed round.
Latest Investments by Chipper Cash
| Description | Thepeer is a Lagos-based payment infrastructure provider enabling businesses in Africa to integrate cross-platform transactions. The API supports payouts, direct charges, virtual accounts, and mass payments to wallets and banks. It powers remittances, payroll, and vendor financing for e-commerce and fintech clients. Thepeer processes transactions in NGN, USD, and GBP, partnering with banks like Flutterwave and Paystack for seamless settlement across Nigeria and expanding markets. |
| HQ Country | |
| HQ City | Newark, NJ |
| Deal Date | 22 Jun 2022 |
| Round | Seed |
| Raised | $2M |
| Investors | UNCOVERED FUND; Stitch; Sunu Capital; Timon Capital; BYLD; Berrywood Capital; Musha Ventures; RaliCap; Raba Partnership |
| Valuation | undisclosed |
| EV/Revenue | |
| EV/EBITDA | |
This data is available for Pro users. Sign up to see all Chipper Cash investments and their VC round multiples. Start Free Trial | |
Chipper Cash Competitors
Chipper Cash competitors include listed companies like PicPay and SAB Finance, and private ones like Félix, Sunbit, MNT-Halan and Zolve.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Publicly listed | $1.2B | $205M | $1.2B | 0.5x | ||
| Private | - | - | $1.4B | - | ||
| Private | - | - | $1.1B | - | ||
| Private | $300M | - | $1B | 3.3x | ||
| Private | $25M | - | $800M | 32.0x | ||
| Publicly listed | $67K | ($10M) | $153M | - |
Chipper Cash Public Comps
Chipper Cash is still privately-owned, but its public comps include Fawry, PicPay, Agibank, Superbank Indonesia, Forbright Bank, Wealthfront, Worldline, Wema Bank, Kbank and Marqeta.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $166M | $73M | 6.8x | 5.2x | 15.4x | 9.6x | |||
| $1.2B | $205M | 1.0x | 0.5x | 6.0x | 3.8x | |||
| $1.3B | $227M | 0.8x | 0.6x | 4.4x | 5.3x | |||
| $89M | - | 10.8x | - | - | - | |||
| $325M | - | 2.9x | - | - | - | |||
| $365M | ($93M) | 4.3x | 4.2x | (17.0x) | 9.9x | |||
| $4.6B | ($5.2B) | 0.6x | 0.7x | (0.6x) | 3.8x | |||
| $312M | - | 2.8x | - | - | - | |||
This data is available for Pro users. Sign up to see all Chipper Cash competitors and their valuation data. Start Free Trial | ||||||||
Common questions about Chipper Cash
| When was Chipper Cash founded? | Chipper Cash was founded in 2018. |
| Where is Chipper Cash headquartered? | Chipper Cash is headquartered in San Francisco, CA, United States. |
| Is Chipper Cash publicly listed? | No, Chipper Cash is a private, VC-backed company. |
| What is Chipper Cash's valuation? | Chipper Cash was last valued at $1.3B in its undisclosed-stage round in January 2022. |
| How much funding has Chipper Cash raised? | Chipper Cash has raised $337M across 7 funding rounds. |
| What was Chipper Cash's last funding round? | Chipper Cash's last funding round was a $35M undisclosed-stage round in January 2022, led by Alameda Research. |
| Who are Chipper Cash's investors? | Chipper Cash's investors include Deciens Capital, One Way Ventures, 500 Global, Ribbit Capital, Bezos Expeditions, SVB Capital, Liquid 2 Ventures, Catalyst Fund, TEN13, Tribe Capital and 17 others. |
| What is Chipper Cash's revenue? | Chipper Cash's latest recorded revenue is $75M (January 2022). |
| What is Chipper Cash's revenue multiple? | Chipper Cash's latest valuation implies a 16.7x revenue multiple ($1.3B valuation on $75M of revenue). |
| Which companies are comparable to Chipper Cash? | Companies comparable to Chipper Cash include PicPay, Félix, Sunbit, MNT-Halan, Zolve and SAB Finance. |
| How many companies has Chipper Cash acquired? | Chipper Cash has acquired 1 company, including Zoona. |
| What was the largest acquisition by Chipper Cash? | The $21M acquisition of Zoona in December 2022 is the largest acquisition Chipper Cash has made to date. |
| How many companies has Chipper Cash invested in? | Chipper Cash has invested in 1 company, including Thepeer. |
| What was Chipper Cash's last investment? | In June 2022, Chipper Cash invested in Thepeer's $2M seed round alongside UNCOVERED FUND, Stitch, Sunu Capital and 6 other investors. |
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