Connecting Africa is part of the Informa Tech Division of Informa PLC

This site is operated by a business or businesses owned by Informa PLC and all copyright resides with them. Informa PLC's registered office is 5 Howick Place, London SW1P 1WG. Registered in England and Wales. Number 3099067.

FinTech

Amazon CEO backs African fintech Chipper Cash

Article Image
Amazon CEO and tech billionaire Jeff Bezos is investing in Africa's fintech startup scene, backing mobile money company Chipper Cash.

According to Bloomberg, the world's richest man's venture capital fund, Bezos Expeditions, has supported a Series B funding round led by Ribbit Capital, which raised $30 million for Chipper Cash.

Over the last few years the continent's growing tech startups ecosystem has attracted interest from tech heavyweights like Facebook CEO Mark Zuckerberg, Alibaba founder Jack Ma and Twitter CEO Jack Dorsey.

Bezos has previously backed big tech brands like Uber, Twitter and AirBnB but this is the first time he has invested in an Africa-focused venture.

Chipper Cash is a mobile-based, cross-border, peer-to-peer (P2P) payments service which already raised $13.8 million in a Series A funding round earlier this year.

According to Quartz Africa, Chipper Cash was founded by Ugandan Ham Serunjogi and Ghanaian Maijid Moujaled in 2018 and has now deployed its payments service in seven African countries: Ghana, Uganda, Nigeria, Tanzania, Rwanda, South Africa and Kenya.

The cash infusion from Bezos will reportedly help the company widen its mobile money product suite to more business payment solutions, crypto-currency trading options and investment services. It also seems keen to expand its service to more countries.

The company's website says it has 3 million users and is adding 10,000 new users each day and processing 80,000 transactions per day.

*Top image is Amazon CEO Jeff Bezos. (Source: Steve Jurvetson on Flickr CC 2.0)

The Staff, Connecting Africa

Innovation hub

Story

Alphabet grounds Loon Internet project

Balloon-powered Internet company Loon is shutting down, an unexpected announcement after projects in Kenya and Mozambique expected to use the technology in 2021.

Story

The state of funding for Africa's tech startups

The estimated value of startup funding in Africa during 2020 was $1.3 billion, plus about $1.12 billion worth of disclosed M&A, according to a new Briter Bridges report.

More Innovation hub

Industry announcements

More Industry announcements

Latest video

More videos

AfricaCom perspectives

Story

AfricaCom Interview: Onica Makwakwa on closing the digital gender gap

The Alliance for Affordable Internet's head of Africa, Onica Makwakwa, shares her views on how to narrow the digital gender gap and the challenges keeping women offline on the continent.

Story

AfricaCom Interview: Tunde Fafunwa on how the ACIP is fighting COVID-19

Tunde Fafunwa from the UN Economic Commission for Africa explains how the Africa Communication and Information Platform (ACIP) is helping Africa's battle against COVID-19.

Story

AfricaCom Interview: Temidayo Oniosun on Africa's space and satellite industry

Space in Africa founder, Temidayo Oniosun, shares his views on the challenges and opportunities in the African space and satellite industry.

More AfricaCom perspectives

Partner perspectives

How mobile operators in Africa can address signalling threats and secure the network
By Katia Gonzalez, Head of Fraud and Security at BICS

SD-WAN and satellite how MNOs and telcos can enjoy the best of both worlds
By Ofer Asif, SVP BizDev, marketing and strategy at Spacecom

Africa's mobile operators need better roaming monetization for growth
By Damion Rose, product manager for Mobile Signaling and Roaming Solutions at BICS

All Partner Perspectives

Upcoming events

East Africa Com
May 11-12, 2021
Virtual Event
Africa Tech Festival
November 8-12, 2021
Cape Town, South Africa
More Upcoming events

Flash poll

All polls

Like us on Facebook

Slideshows

AfricaCom 2019 Preview

Slideshow archive

Newsletter Sign Up


Sign Up