An African corporate subsidized by way of Amazon CEO Jeff Bezos, Chipper Money, has raised $30 million and is launching a cryptocurrency buying and selling carrier because of top call for for cryptocurrencies, together with bitcoin. Customers of Chipper Money will have the ability to purchase and promote cryptocurrencies in addition to U.S. shares, corresponding to Tesla, Apple, and Amazon, throughout the app.
Jeff Bezos-Sponsored Chipper Money to Start Providing Crypto Buying and selling
African cross-border bills startup Chipper Money has raised $30 million in a Collection B investment spherical. It used to be led by way of challenge capital company Ribbit Capital, with the participation of Bezos Expeditions, the private VC fund of Amazon CEO Jeff Bezos.
Based in 2018 by way of Ugandan Ham Serunjogi and Ghanaian Maijid Moujaled, the San Francisco-based Chipper Money gives fee-free cell P2P cost products and services. The products and services are to be had in seven African international locations: Ghana, Uganda, Nigeria, Tanzania, Rwanda, South Africa, and Kenya. The app permits customers to ship and obtain cash throughout Africa. “Revel in loose transfers and the bottom cross-border charges,” its website online describes.
The Chipper Money platform has 3 million customers and processes about 80,000 transactions day by day on moderate. CEO Serunjogi stated that during June the app reached a per thirty days bills worth of $100 million.
Chipper Money plans to make use of the finances raised to offer further services and products in addition to amplify into extra international locations. “At the product facet, that includes providing extra industry cost answers, crypto-currency buying and selling choices, and funding products and services,” Techcrunch reported Thursday and quoted Serunjogi as announcing:
We’ve had call for from our customers to supply different worth products and services … like buying cryptocurrency property and making investments in shares.
Chipper Money has already added on its website online and app the choice to shop for and promote bitcoin in beta. Customers too can spend money on U.S. shares throughout the app from Africa by means of a partnership with U.S. monetary products and services corporate Drivewealth.
The inventory product will release in Nigeria first after which amplify to different international locations, Serunjogi defined, including that Nigerians will “give you the chance to shop for fractional shares — Tesla stocks, Apple stocks or Amazon stocks and others — thru our app.”
Bezos is now the arena’s richest particular person. Forbes reported in August that the Amazon CEO was the arena’s first-ever particular person to acquire a $200 billion fortune.
Serunjogi believes that the backing of well known traders corresponding to Jeff Bezos advantages Africa as a complete. He opined: “It’s a large deal when an international magnificence investor like Bezos or Ribbit is going out in their candy spot to a brand new space the place they up to now haven’t completed investments … In the end, the winner of the ones issues going down is the African tech ecosystem total, as it’ll convey extra funding from corporations of that caliber to African startups.”
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