Chipper Money, a number one pan-African fee firm that simplifies cross-border transactions, is reported to be contemplating a possible sale or in search of new traders.
Ham Serunjogi, the Ugandan tech entrepreneur who heads the corporate has reportedly launched into this strategic transfer to additional strengthen its place within the quickly evolving digital funds market in Africa.
Bloomberg acquired stories from sources who’re conversant in the matter that Chipper Money had already began trying out potential choices earlier than the latest collapse of Silicon Valley Financial institution. The startup remains to be within the means of evaluating its choices and has not but made any last selections.
The corporate mentioned that it’s been pretty frequent observe for them to obtain varied M&A proposals from completely different events, which they consider to various levels and that we’ve got by no means sought to be acquired. The corporate mentioned this in response to questions.
Chipper Money, a cross-border fee platform co-founded in 2018 by Serunjogi and his Ghanaian enterprise companion Maijid Moujaled, supplies mobile-based, fee-free peer-to-peer fee providers in seven African nations similar to Ghana, Uganda, Nigeria, Tanzania, Rwanda, South Africa, and Kenya.
Chipper Money Cause for the transfer
The latest transfer by the fintech startup follows a 2021 fundraising spherical, the place it raised $250 million, led by Silicon Valley Financial institution (SVB) and the now-defunct FTX.
Since its institution virtually six years in the past, the startup has secured $300 million in enterprise capital funding at a $2.2 billion valuation. It has additionally established an operational presence within the UK, which permits it to facilitate cash transfers from the nation to African markets.
Silicon Valley Capital, the enterprise capital arm of the now-collapsed Silicon Valley Financial institution, performed a big function within the firm’s fundraising efforts, main a number of funding rounds. This made it at present maintain a stake of roughly 2 p.c within the San Francisco-based firm.