The African no-fee, cross-border payment startup Chipper Cash has raised a $2.4 million seed round led by Deciens Capital. The payments company also persuaded 500 Startups and Liquid 2 Ventures—co-founded by Joe Montana—to join the round.
Chipper Cash was co-founded by Ham Serunjogi, a Ugandan - who doubles as the CEO - and Ghanaian Maijid Moujaled. The startup offers no-fee, P2P, cross-border mobile-money payments in Africa.
In a conversation with Digest Africa last year, Ham mentioned that they are looking to make it seamless to move money across the continent. "There is no reason why someone who is on MTN has to go and get cash to send to someone who is on Airtel," Ham wondered.
He also pointed out that they were looking to do to moving money what WhatsApp did to texting. "Years ago, people were very cautious on how long a text message would be. But today, with Whatsapp, you type as freely as you want," Ham said
Based in San Francisco based startup—with offices in Ghana and Nairobi—Chipper Cash has processed 250,000 transactions for over 70,000 active users, according to Serunjogi.
In conjunction with the seed round, Chipper Cash is launching Chipper Checkout: a merchant focused, C2B, mobile payments product.
Source: TechCrunch