Chipper Cash raises $150M Series C extension led by FTX at $2B valuation

In November 2021, Chipper Cash closed a $150 million extension to its Series C round, led by FTX (Sam Bankman-Fried’s crypto exchange). This followed a $100 million Series C led by SVB Capital in May 2021, bringing the total Series C to $250 million and overall funding to over $305 million. The round valued the company at slightly over $2 billion post-money, establishing it as one of Africa’s early fintech unicorns.

The capital was intended to support geographic expansion (including deeper US-UK to Africa remittances), product development in crypto, stocks, and merchant services, and further scaling of its P2P payments network. The deal included a strategic partnership with FTX to integrate payments on its platform and accelerate crypto adoption in Africa.

By this point, Chipper Cash had over 4-5 million users across seven African markets and had launched in the UK and US for inbound remittances. The extension reflected strong investor confidence in its low-cost remittance model and growth trajectory at the time.

Chipper Cash operates a mobile application that enables users to send and receive money across borders in Africa with no fees for personal transfers. It supports payments in multiple African currencies and has expanded to facilitate remittances from the US and UK to African markets. The platform also offers additional services including bill payments, virtual USD cards, cryptocurrency trading, stock investments, and merchant payment solutions.

The company primarily serves consumers and businesses in seven African countries: Ghana, Kenya, Nigeria, Rwanda, South Africa, Tanzania, and Uganda. It has grown to serve millions of users, with Nigeria and Uganda as key revenue markets. Revenue is generated through foreign exchange fees, merchant services, and commissions on value-added products rather than P2P transfers.

Founded in 2018, Chipper Cash has raised over $300 million in total funding. It achieved unicorn status in 2021 but saw its valuation adjusted downward in subsequent years amid market shifts. The company has focused on operational efficiency, achieving positive free cash flow in late 2025 after restructuring.