Chipper Money has expanded its partnership with Visa to proceed their collaboration on card issuance. The fintech hopes to leverage Visa’s capacities.
Chipper Cash, one among Africa’s most respected fintech startups, is partnering with international funds firm Visa on strategic partnerships starting from card issuance to product advertising.
Each firms have labored collectively since 2021 on the rollout of Chipper Card to assist client funds in Chipper Money’s working markets, particularly in Africa. The brand new partnership builds on this current association and can see each fintechs broaden collaboration on card issuance whereas additionally becoming a member of forces throughout regulatory and practical areas equivalent to Visa licensing and advertising on the again of Chipper’s experience and Visa’s community capabilities.
Chipper Money, who’ve reportedly issued a million digital playing cards, hopes to leverage Visa’s expertise and funding throughout extra areas of its enterprise, particularly because the American funds community expands its footprint in Africa. Final December, Visa pledged to invest $1 billion within the continent over the following 5 years, a plan that might embrace acquisitions and new investments in regional startups.
“Right now’s announcement means we are able to ship on our priorities at a quicker tempo than we might do alone; harnessing Visa’s international attain to allow us to proceed to carry the easiest services and products to prospects,” stated Brett Macgrath, Chipper Money’s Chief Product Officer.
Visa stated it’s “thrilled” to double down on its Chipper Money partnership. “This deepens our assist within the rising demand for digital monetary companies in Africa and driving significant impression throughout the continent,” stated Meagan Rabe, Visa’s Senior Director of Fintechs in Sub-Saharan Africa. “We look ahead to persevering with our work with Chipper Money to redefine and broaden the boundaries of economic accessibility and comfort.”
The most recent announcement comes simply two months after Chipper introduced the launch of Chipper ID, the AI-driven verification and onboarding instrument constructed particularly for the African continent. The corporate is now betting that its strategic partnership with Visa will assist it scale its card enterprise and verification companies inside Africa. Chipper Money stated it serves over 5 million prospects throughout Africa and the US.
Chipper Money has had a tough final couple of months because it consolidated its assets throughout a harsh funding winter. Between November 2022 and March this yr, two of the startup’s most outstanding buyers — failed crypto firm FTX, and Silicon Valley Financial institution — collapsed. In June, TechCabal reported that Chipper Money laid off a minimum of ten employees members within the firm’s third spherical of layoffs over the earlier yr. Per our sources, these affected included the vice chairman of selling, Alicia Levin, the worldwide chief working officer, and Leon Kiptum, the nation director for Kenya. Now the corporate is seeking to keep on a progress path in a sharky macroeconomic setting.