According to Bloomberg, Chipper Cash, an African-focused fintech startup backed by Silicon Valley Bank and cryptocurrency exchange FTX, is considering several possibilities, such as exploring a sale or looking for new investors.
According to the news outlet quoting reliable sources, the corporation started thinking about the alternatives before SVB’s collapse last week. The report says Chipper Cash may decide against any option, they noted, and that no final decisions have been made on the matter.
In November 2021, Chipper Cash, which processes cross-border payments for customers, announced a $150 million Series C expansion round led by FTX, a cryptocurrency exchange platform created by Sam Bankman-Fried. The investment came only six months after it received a $100 million Series C funding from SVB Capital, Silicon Valley Bank Financial Group’s corporate venture capital arm.
Both the FTX and SVB Financial Group have now declared bankruptcy, thus ending their several years of business. And, of course, liquidating their assets, which include investments in tech startups such as Chipper Cash, although the startup has since denied substantial exposure to the bank’s current crisis.
Chipper Cash, founded in 2018, offers free, interoperable payments in and across various African nations, most notably Ghana, Kenya, Uganda, Tanzania, South Africa, Rwanda, and Nigeria; however the firm also has operations outside of Africa, including the United Kingdom.
Chipper Cash sale Chipper Cash sale
Charles Rapulu Udoh
Charles Rapulu Udoh is a Lagos-based lawyer, who has several years of experience working in Africa’s burgeoning tech startup industry. He has closed multi-million dollar deals bordering on venture capital, private equity, intellectual property (trademark, patent or design, etc.), mergers and acquisitions, in countries such as in the Delaware, New York, UK, Singapore, British Virgin Islands, South Africa, Nigeria etc. He’s also a corporate governance and cross-border data privacy and tax expert.
As an award-winning writer and researcher, he is passionate about telling the African startup story, and is one of the continent’s pioneers in this regard