Pan African fintech, Chipper Cash, has just hit a major milestone. They have issued over one million Chipper Cash virtual cards to people not only in Africa but also beyond. The startup claims to currently be the largest issuer of virtual cards in the whole of Africa in a market that has other fintechs like Eversend.
In a blog post, the head of Consumer Products, Tefiro Serunjogi said, “The million milestone means a lot to us. Not only due to the positive impact the product is having on our customers’ lives but also because of the speed that it has taken us to reach the millionth mark. The Chipper Card in Uganda and the US have been live for just 12 months, while Nigeria is the most established market having launched in June 2021. Bringing trusted and reliable new products to market at pace are not just business wins, they’re enablers for growth and opportunity.”
The Chipper Cash virtual card plays a vital role in connecting underserved customers to the global economy. Digital money is moving faster than ever before, and cross-border trade is expected to grow from almost $150 trillion in 2017 to over $250 trillion by 2027. However traditional financial services can be old-fashioned and exclude many people from the online economy.
That’s where the Chipper Card comes in. It provides a secure and convenient way for people to make online transactions, especially in regions where banking infrastructure may be limited. With this card, users in Africa can easily access e-commerce, make payments, and carry out financial transactions. From shopping to streaming, food delivery to rideshares.
According to Chipper Cash’s 2022 data, 21% of their customers got a Chipper Card as their very first payment card. It shows that this card is opening up new opportunities for many people in Africa.
Chipper Cash was the brainchild of Ham Serunjogi and Maijid Moujaled, who co-founded the company in 2018. Their vision was to create a platform that would simplify cross-border financial transactions, making them more accessible and affordable for individuals and businesses across Africa. The cornerstone of Chipper Cash’s offerings is its mobile wallet application. This user-friendly app enables customers to send and receive money, pay bills, and make purchases seamlessly within the app’s ecosystem.
In keeping with the evolving financial landscape, Chipper Cash has also integrated cryptocurrency trading into its platform. This allows users to buy and sell popular cryptocurrencies like Bitcoin and Ethereum, further expanding their financial capabilities.
Beyond individual users, Chipper Cash has extended its services to businesses. The platform offers comprehensive business solutions, including the ability to accept payments and manage finances, thereby fostering financial inclusivity and growth.
The startup has raised over $150m including $100 million in a Series C funding round in March 2021. This marked one of the largest funding rounds for an African fintech company at the time. The round was led by SVB Capital, with participation from existing investors like Deciens Capital, and Ribbit Capital, among others.