In accordance with a report from Bloomberg printed right now, Chipper Money, one among Africa’s extra outstanding fintech firms and unicorns, is reportedly contemplating promoting the corporate or looking for new traders. Bloomberg mentioned the conversations are personal, however Chipper Money informed the publication that it by no means sought to be acquired. In accordance with a response despatched to Bloomberg from Chipper Money, “It’s been pretty widespread follow for us to obtain numerous M&A proposals from totally different events, which we consider to various levels. “That being mentioned, we now have by no means sought to be acquired.”
See also: Customers report frozen accounts over illegal transfers from Flutterwave
Chipper Money downplays SVB publicity, however new claims could present in any other case
The corporate has been within the information just lately after stories that it had some cash in Silicon Valley Financial institution. In an announcement, the corporate mentioned its publicity was solely $1 million and that it will not have an effect on its operations. Regardless of this, Fatu Ogwuche, the writer of Big Tech This Week, disagreed with Chipper’s model of occasions, reporting that the startup had $3 million. Regardless of the precise quantity, US regulators’ choice to make all depositors complete means it might merely be a tutorial argument.
What is evident is that it might be a more difficult 12 months than typical for Africa’s unicorns trying to increase cash. TechCabal reported earlier that Flutterwave’s IPO plans may suffer a delay this year, with unconfirmed stories that the corporate could have to lift cash at a decrease valuation than $3 billion.
With the choice of going public trying unlikely, Chipper Money could endure a slash in valuation if it raises cash this 12 months. Its earlier valuation at its $250 million fundraise was $2 billion.