page contents Jeff Bezos-Backed African App Chipper Cash Launching Crypto Trading After Raising $30 Million – The News Headline

Jeff Bezos-Backed African App Chipper Cash Launching Crypto Trading After Raising $30 Million

An African corporate sponsored via Amazon CEO Jeff Bezos, Chipper Money, has raised $30 million and is launching a cryptocurrency buying and selling provider because of top call for for cryptocurrencies, together with bitcoin. Customers of Chipper Money will be capable of purchase and promote cryptocurrencies in addition to U.S. shares, equivalent to Tesla, Apple, and Amazon, throughout the app.

Jeff Bezos-Sponsored Chipper Money to Start Providing Crypto Buying and selling

African cross-border bills startup Chipper Money has raised $30 million in a Sequence B investment spherical. It used to be led via mission capital company Ribbit Capital, with the participation of Bezos Expeditions, the private VC fund of Amazon CEO Jeff Bezos.

Based in 2018 via Ugandan Ham Serunjogi and Ghanaian Maijid Moujaled, the San Francisco-based Chipper Money provides fee-free cellular P2P cost services and products. The services and products are to be had in seven African international locations: Ghana, Uganda, Nigeria, Tanzania, Rwanda, South Africa, and Kenya. The app permits customers to ship and obtain cash throughout Africa. “Experience unfastened transfers and the bottom cross-border charges,” its web site describes.

The Chipper Money platform has 3 million customers and processes about 80,000 transactions day by day on moderate. CEO Serunjogi mentioned that during June the app reached a per thirty days bills worth of $100 million.

Chipper Money plans to make use of the finances raised to offer further services in addition to extend into extra international locations. “At the product facet, that involves providing extra trade cost answers, crypto-currency buying and selling choices, and funding services and products,” Techcrunch reported Thursday and quoted Serunjogi as announcing:

We’ve had call for from our customers to provide different worth services and products … like buying cryptocurrency belongings and making investments in shares.

Chipper Money has already added on its web site and app the choice to shop for and promote bitcoin in beta. Customers too can spend money on U.S. shares throughout the app from Africa by the use of a partnership with U.S. monetary services and products corporate Drivewealth.

The inventory product will release in Nigeria first after which extend to different international locations, Serunjogi defined, including that Nigerians will “find a way to shop for fractional shares — Tesla stocks, Apple stocks or Amazon stocks and others — via our app.”

Bezos is now the arena’s richest individual. Forbes reported in August that the Amazon CEO changed into the arena’s first-ever individual to acquire a $200 billion fortune.

Serunjogi believes that the backing of well known buyers equivalent to Jeff Bezos advantages Africa as an entire. He opined: “It’s a large deal when an international magnificence investor like Bezos or Ribbit is going out in their candy spot to a brand new house the place they prior to now haven’t completed investments … In the end, the winner of the ones issues going down is the African tech ecosystem total, as it is going to carry extra funding from companies of that caliber to African startups.”

What do you take into accounts Jeff Bezos-backed Chipper Money? Tell us within the feedback segment under.

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