Bitcoin News and Finance
African Fintech Start-up Chipper Cash Raises $100 Million — CEO Says No Crypto Services for Nigeria Skip to main content

African Fintech Start-up Chipper Cash Raises $100 Million — CEO Says No Crypto Services for Nigeria

Chipper Cash, an African fintech firm that specializes in facilitating cross-border payments, recently closed a $100 million Series C funding round. Taking the lead in what is now Chipper Cash‘s third fundraising round in the past twelve months is the venture capital (VC) firm, SVB Capital. The VC firm is an investment arm of U.S. high-tech commercial bank, Silicon Valley Bank.

The New African Fintech Unicorn

Other notable participants in this Series C round include Deciens Capital, Ribbit Capital as well as the Jeff Bezos backed Bezos Expedition. Following the conclusion of this Series C funding round, Chipper Cash has now raised a total of $143.8 million in just a year. As a consequence, some observers now estimate Chipper Cash’s valuation to be between one and two billion dollars.

Notably, with this capital raise, Chipper Cash becomes the latest African fintech firm to attract the interest of leading venture capital firms. Other African fintech start-ups that similarly received support from major VC firms include Flutterwave, Tymebank and O Pay.

Crypto Services and the CBN Prohibition

Chipper Cash’s significant capital raise in a short space of time came as it expanded the range of products it offers. According to a report, the fintech firm now offers cryptocurrency trading options as well as other business payment solutions. The report also quotes Ham Serunjogi, the fintech’s CEO explaining some of the factors that prompted Chipper Cash to add new services. He said:

Our approach to growing products and adding products is based on what our users find valuable. As you can imagine, crypto is one technology that has been widely adopted in Africa and many emerging markets. So we want to give them the power to access crypto and to be able to buy, hold and sell crypto whenever.

Nevertheless, the CEO clarifies that Chipper Cash is not currently offering crypto-related services to its clients in Nigeria. He cites the Central Bank of Nigeria (CBN)’s anti-crypto directive as the sole reason why the fintech firm cannot extend its cryptocurrency-related services to Nigerians.

Serunjogi meanwhile says his company is still “looking forward to any development in Nigeria that allows it to be offered freely again.”

What do you think of Chipper Cash’s latest funding round? You can share your views in the comments section below.

Labels:

Comments

Post a Comment

Popular posts from this blog

Custodial Lightning Network Service Attack Discovered by LN ‘Newbie’ — Hacker Strikes 6 LN Custodians

On September 18, a Redditor posted to the r/bitcoin forum and explained how he discovered a way to “attack [the] lightning Network’s custodial services.” The Reddit account dubbed “Reckless Satoshi” wanted to figure out if a “discrepancy between real routing fees and service’s transaction fee can be exploited for a profit.” The researcher disclosed that he wanted to see how large the damage could be and said “it is bad.” 6 Lightning Network Custodial Services Attacked, Researcher Discloses Findings to Offenders Prior to Public Disclosure A Redditor called Reckless Satoshi published a disclosure post on r/bitcoin this past Saturday and disclosed how he had found a vulnerability with routing fees and some of the Lightning Network’s custodial services. The research attack was done in good faith and after it was complete he disclosed the bugs to the offending services before publishing his findings. Reckless Satoshi used the Lightning Network (LN) attack on six different services incl...
Post a Comment
Read more

Axie Infinity Down 40% Since Last Week’s Price High, Protocol Revenue Outshines Competitors

Last week, the game token leveraged within the Axie Infinity gaming universe skyrocketed to all-time highs, while other crypto markets remained extremely lackluster. During the last seven days, Axie Infinity’s platform token has dropped significantly in value shedding more than 12%. Meanwhile, the game platform’s smooth love potion token has slid over 8% over the last 24 hours. Axie Infinity Down More Than 40% Since All-Time High Not too long ago, the axie infinity (AXS) token was a topical conversation because it reached an all-time high on July 15. At the time, AXS managed to capture $28.93 per unit and since then it has shed 12.8% during the last seven days. The axie infinity (AXS) token is used within the blockchain-based game that involves battles between token-based creatures called “Axies.” AXS is used for the game’s governance system as well as other actions within the game. At the time of writing axie infinity (AXS) is exchanging hands for $16.70 per coin. AXS/USD on Ju...
Post a Comment
Read more

Play-to-Earn Game From Polker (PKR) Exchange Listing – Endorsed by Akon

The Play-to-Earn NFT based Polker.Game ‘s native token $PKR has been officially listed on the popular centralized exchange BitMart. Polker.game has been in the spotlight recently as Akon, the American R&B superstar and record producer gave his official endorsement of polker stating that the “game is revolutionary” and that Polker is “hands down.. the best play to earn, NFT game in the space.”. With the BitMart listing and celebrity endorsement from Akon, Polker is perfectly positioned to become a major player in the Play-to-Earn league. Watch Akon’s Video Here What is Play-to-Earn? Although not a new concept, play-to-earn has become a trending term due to the popularity of the NFT game AXIE infinity. In the past, previous play-to-earn games have also achieved success – however, thanks to the huge amount of development in the blockchain space in recent years the gaming experience is now massively improved. Play-to-Earn games are essentially free to play and open to anyone and...
Post a Comment
Read more

China to Crack Down on Copyright Infringement Through NFTs

Authorities in China are going after creators of digital collectibles based on other people’s works of art, the use of which was not authorized. The government offensive is part of a campaign to combat online copyright infringement and piracy with the participation of several departments. Regulators in China Move to Strengthen Copyright Supervision of Online Platforms The National Copyright Administration of China (NCAC) has recently launched a campaign against copyright infringement and piracy on the internet, together with the Ministry of Industry and Information Technology, the Ministry of Public Security, and the State Internet Information Office of the People’s Republic. A major objective of the initiative is to improve copyright supervision of online businesses by investigating cases involving the sale and distribution of infringing products on short video, live broadcast and e-commerce platforms, and promptly dealing with infringing content, the agency announced in a press r...
Post a Comment
Read more
Blogarama - Blog Directory