Chipper Cash, a company that has raised over $200 million from investors including FTX and SVB Capital Julyhalltechcrunch, is preparing to launch a new Network API that allows developers to easily collect and distribute payments through the company’s wallets. The company also plans to bring its Tip Jar integration to users in the U.S., according to a recent report from TechCrunch. In addition, the chipper has already announced that it will expand its partnerships with other businesses mytoptweets.
FTX financed more than a quarter of the $150 million Series C extension round
Cryptocurrency exchange platform FTX led a $150 million Series C extension round for African cross-border payments startup Chipper Cash xfire. The venture capital firm Alameda Research and Deciens Capital also participated.
This new round valued the company at roughly $2 billion, a significant drop from the $3 billion valuation it achieved in February. Its stock has since dropped nearly ninety percent, mirroring the performance of the broader SPACs.
FTX invested in several startups, including Chipper Cash, Jambo, MARA, and Binance Labs. These companies all operate in Africa. In addition, FTX Ventures is putting hundreds of millions of dollars into Sequoia.
FTX marked down Chipper Cash’s $2 billion valuation to $1.25 billion
The collapse of FTX has been a depressing reminder for investors of the gloomy future for digital coins. FTX was a major player in the international Fintech scene economictimes, and the company is now filing for bankruptcy protection. There are allegations of financial mismanagement and a lack of proper financial reporting procedures.
Sam Bankman-Fried is the former CEO of FTX, and he is now trying to sell or restructure the global FTX group. He is seeking $8 billion to close the gap. While FTX is not yet in bankruptcy, Bankman-Fried and his team are hoping to find a buyer.
FTX is a digital asset exchange that competes with Coinbase and Kraken. It provides low trading fees and supports crypto-related transactions. In the months leading up to the collapse, FTX made some investments in startups. Some of these included Bitnob, MARA, Jambo, and VALR. However, many of these startups did not receive full investment from FTX.
FTX’s partnership with AZA Finance morphed into an M&A play
FTX is one of the largest digital asset trading venues on the planet. It has a massive following in the African markets. In fact, it has over 100,000 users across the continent. The company offers an annual interest rate of 8% on stablecoins.
FTX has teamed up with AZA Finance, a fintech company that offers a range of financial services for businesses. They have plans to expand their operations in Africa and introduce a new set of local currency pairs.
FTX is also launching a platform for African consumers that will allow them to use their native currencies to purchase products and services. They have a goal of making crypto transactions easier and more reliable for local customers.
SVB Capital’s investment in Chipper Cash
SVB Capital, the corporate venture arm of Silicon Valley Bank, has made a sizable investment in Chipper Cash, a small, African fintech startup that offers no fee cross-border payments. While the company is still quite young, its users are growing quickly. The company has 200 employees and plans to expand to 100 by year’s end.
One of the more interesting aspects of the round is the fact that the SVB backed company has a clear business plan to scale up. The company will be expanding its operations in Africa, and beyond.
The company specializes in peer-to-peer money transfer, offering services to seven African countries, including Ghana, Kenya, Nigeria, Uganda, Tanzania, and South Africa. Although the company is relatively new, it already boasts four million users. In the latest round, it also secured funding from Ribbit Capital, Deciens Capital, and Tribe Capital.
Chipper Cash’s Network API allows developers to collect and disseminate payments into Chipper wallets
Chipper Cash is an innovative money transfer app that enables users to send and receive money easily without the need of a bank or financial institution. With its service, users can move funds from countries across Africa and the U.S. Using its mobile application, you can receive money in your bank account, or send it to family and friends.
The app has been downloaded by more than 4 million users. In addition, the app supports transactions in seven African countries. It also offers a Chipper Card that provides access to funds.
Chipper Cash is based in San Francisco, California. It was founded in 2018 by Ham Serunjogi and Maijid Moujaled. They wanted to create an app that would meet the needs of African customers.
Chipper Cash plans to make its Tip Jar integration accessible to users in the U.S.
Chipper Cash is an African fintech firm that provides cross-border payments services to seven African countries, including Nigeria and Rwanda. The company offers a no-fee service, making it possible for individuals to transfer money across borders.
As of late, the US has become the leading source of international remittances to sub-Saharan Africa. Its share of global remittances has grown exponentially, reaching $42 billion last year. This is expected to increase by 5 percent in the next five years.
In addition to its African services, Chipper Cash has been expanding outside of the continent. A few months ago, it partnered with Twitter. Using Twitter’s Tip Jar, users can now send money to friends and family by clicking on a button.