Chipper Cash raises 30 million USD through Bezos Expedition in series B-Financing [4th round of formal funding track] by Ribbit Capital. The company is looking forward to invest the funding in expansion of services.

What is Chipper Cash?

Chipper Cash is a growing African Startup that offers free p2p cross country payment services operating in seven countries- South Africa, Uganda, Ghana, Nigeria, Tanzania, Rwanda and Kenya.

The Fintech Giant has a userbase of about 3 million users across seven countries with about 80 thousand transactions on a daily basis. According to the CEO, Ham Serunjogi, Chipper Cash has a monthly payment value of 100 Million dollars.

The Finance Technology Startup aspires to use its funding in expansion of its on a larger scale as well as customizing the trading options with cryptocurrency and various other investment services. 

The beta version of Chipper credit allows user to finance bitcoin in US stocks directly from Africa.

How does Chipper Cash Generates Revenue?

The most instinctive question that strikes in mind is how does a free e-finance service generates revenue. Well, the straight forward answer is- IT DOESN'T!

Instead, the company launched a parallel paid service commonly known as Chipper Checkout which offers more services and better flexibility.

 The primary difference between the two is the user needs to credit the chipper cash wallet through online transactions whereas chipper checkout users have the facility to directly link bank accounts and attach debit/credit cards to the finance service. This generates revenue to run the other service free of cost.

What made Bezos think of investing in such startup?

Most African countries today come under the category of under developed nations. According to stats, 57% of The African Population lack of having a single bank account.

This Startup empowers banking and finance network in such remote areas. Moreover, there is no relevant rivalry in the field of e-finance in the African Subcontinent.

Thus, Chipper cash is a sureshot win and the same cause may have let Bezos Expeditions to invest in the Fintech Startup.