Pan-African cross-border cost app Chipper Cash is about to amass Zambian fintech firm Zoona Transactions Worldwide, in keeping with a press release shared with TechCabal.
This acquisition will enable Chipper Money, which has a self-reported consumer depend of 5 million, so as to add new on-line companies and a brand new agent community to its choices. This transfer can also be an growth technique by the corporate into Zambia.
Based on Chipper Money’s VP of Company Growth, Laura Kennedy, Zoona’s acquisition will provide it “unimaginable innovation, a terrific companion community, complementary services, and gifted in-country groups.” For Zoona’s co-founder and CEO, Brett Magrath, this acquisition permits the 2 corporations to mix their experience to attach customers and companies throughout the continent whereas positioning themselves as the primary selection supplier of economic companies for the folks of Africa.
Zoona pioneered the Zambian tech ecosystem when it was based in 2008, creating the Tilt service that allows people and corporations to pay and switch to financial institution and cash cellular suppliers within the nation by means of money, its digital channel, or its community of over 450 interoperable brokers. The fintech, whose emergence coincides with the beginning of Africa’s cellular cash business, has processed over $3 billion price of transactions since launch. In 2020, the Zambian firm offered its enterprise in Malawi to Cape City-based funds firm Mukuru, because it refocused its enterprise to a B2B mannequin.
CEO Ham Serunjogi based Chipper Money with Maijid Moujaled, who at present serves because the cost firm’s President, in 2018 to supply fee-free private and cross-border cost to Africa. Since then it has raised $300 million in enterprise capital funding and is now valued at $2.2 billion. Its companies can be found in Ghana, Uganda, Nigeria, Tanzania, Rwanda, South Africa and Kenya, in addition to within the UK and US.
“Bringing these corporations collectively underneath the Chipper umbrella will imply we will open up much more borders, bringing high quality monetary companies to life in additional nations and connecting extra folks throughout the continent,” Kennedy stated.
Chipper Money didn’t share the monetary phrases of the transaction. The acquisition deal can also be topic to the approval of related authorities.