African cross-border fantasy startup Chapper Cash has closed a .8 13.8 million Series A funding round led by Descend Capital and plans to hire 30 new staff globally.
The event caps, run for a San Francisco-based payment company, were set up two years ago by Uganda’s Ham Sironjogi and Ghana’s Majid Mojeld.
The two came to the United States for education, met in Iowa while studying at Grenell College, and went to Silicon Valley for letters written in high tech: Facebook for Sironjogi and Flickr and Yahoo! For Moujaled.
The start call indicated and after launching Chapper Cash In 2018, the pair convinced 500 startups and Liquid 2 Ventures – co-founded by American football legend Montana – to support their company with badge funds.
After two years and a combined capital of 22 22 million, ChaperCash offers mobile-based, no-fee, P2P payment services in seven countries: Ghana, Uganda, Nigeria, Tanzania, Rwanda, South Africa and Kenya
“We now have more than 1.5 million subscribers and are earning over 100 million a month,” Serengeti told TechCrunch in a call.
Chip Cash does not release audited financial data, but shares internal performance calculations with investors. Descendant Capital And Raptor Group co-led the start-up series financing, with the re-support of 500 startups and Liquid 2 Ventures. .
Dan Kammerling, founder of Descendant Capital, confirmed the fund’s superiority in investing and reviewing the cost and volume metrics of Chapper Cash payments.
Parallel to its P2P app, Startup also runs Chapper Checkout: a merchant-focused, fee-based mobile payment product that collects revenue to support Chapper Cash’s free mobile money business.
According to Sarunjogi, the company will use its latest round to hire 30 people in operations in San Francisco, Lagos, London, Nairobi and New York.
Chapper Cash has already brought in a new compliance officer, Lisa Dawson, with maps of the US Treasury Department’s Financial Crimes Enforcement Network and Citigroup’s Anti-Money Laundering Department maps.
“You know that in the world we live in the AML party is very important, so this is an area we want to invest in,” said Serengeti.
He confirmed that Dipson’s role was designed to chip cache to meet regulatory requirements for new markets, but declined to name specific countries.
Along with the goal announcement, Chopper Cash also demonstrated a component of corporate social responsibility in its business. In light of current US events, the startup has created a chaperone fund for BlackLife.
“We have benefited greatly from the generosity and generosity of this country and its entrepreneurial spirit,” he explained. “But as we grew up in Africa, we moved on.” [the U.S.] Our African American friends are living in the United States without the trauma and stuff.
Black Life’s fund on the paper from 5,000. Will give 5 to 10 grants up to 10,000. “The plan is to give to those who are pushing for social justice reform,” said Serengeti.
In Africa, Chopper Cash has positioned itself on the continent’s major digital payment markets. As a sector, Fantic has become Africa’s most funded tech space, with an estimated 2 2 billion in VC in 2019.
These projects, and several of the continent’s established banks, are in the race to build market share through financial inclusion.
According to various estimates – including the Global Findex Database – the continent has the largest percentage of the world’s population, with a large number of underground users and SMEs.
Increasingly, Nigeria has become Africa’s most prominent fantastic market, with the continent’s largest economy and a population of 200 million.
Chapper Cash expanded there in 2019 and is facing competition from a number of players, including local payment scheme Paga. More recently, outsiders have jumped into the Nigerian fantasy scene.
In 2019, Chinese investors invested 20 220 million in Opera (owned by Opera) and Palm Pay – two new startups with first-scale projects in West Africa and then the wider continent.
Over the next several years, expect to see market developments – such as failures, acquisitions, or IPOs – determine how well Fintech startups, including tenant Chapper Cash, provide financing in Africa’s Fanteque field. Is.