Chipper Cash, a payments company founded by Ugandan entrepreneur Ham Serunjogi and his Ghanaian counterpart Maijid Moujaled, has collected a $2.4 million (about Shs9 billion) seed round led by Deciens Capital.
The fintech which went live in October 2018 to offer no-fee, cross-border payments in Africa, also seduced Joe Montana, a legendary American footballer to contribute to the investment. Montana’s firm is called Liquid 2 Ventures. The other investor in this round, according to TechCrunch, is 500 Startups.
In just less than a year, Chipper Cash, which also facilitates peer-to-peer payments in Africa, has processed 250,000 transactions for over 70,000 active users, Serunjogi told TechCrunch.
Already operating in Ghana, Kenya, Rwanda, Tanzania, and Uganda, the firm revealed that it plans to expand to more countries within the next 12 months to continuously cash in on the roughly $38 billion global remittance market for Sub-Saharan Africa.
Part of the raised funds will be injected into rolling out Chipper Checkout: a merchant focused, C2B, mobile payments product. Unlike the previous features of the service which are free, this will be charged for so that the revenues can be used to support its no-fee mobile money business, in addition to income generated from payment volume float.
Before founding Chipper Cash, Ham Serunjogi and Maijid Moujaled studied together at Grinnell College where they got their undergraduate degrees.
After college, they both worked with some of the biggest internet firms in the word: Facebook for Serunjogi and Flickr, Yahoo!, and Imgur for Moujaled.
Their company has offices in San Francisco, Ghana, and Kenya.