Chipper Cash to Launch Stock Trading Following a Seed Round Backed By Jeff.
Stock Trading on Chipper Cash to go live following a seed round backed by Jeff.
Following its raise of $30 million in a Series B funding round, Chipper Cash an African cross-border payments startup is reportedly set to launch a Stock Trading platform for Africans .
Earlier before now, Chipper Cash launched a beta version of it’s crypto trading platform on its mobile app. This crypto trading page allows users to buy and sell crypto assets only.
The seed round was led by venture capital firm Ribbit Capital, with the participation of Bezos Expeditions, the personal VC fund of Amazon CEO Jeff Bezos.
Chipper Cash was founded in 2018 by Ugandan Ham Serunjogi and Ghanaian Maijid Moujaled. The San Francisco-based Chipper Cash offers fee-free mobile P2P payment services. The cash transfer service is available in Ghana, Uganda, Nigeria, Tanzania, Rwanda, South Africa, and Kenya.
The cross-border payments processor through its app, allows users to send and receive money across Africa. The platform says that it’s users can enjoy free transfers and at the lowest cross-border rates.
The platform claims to have three million users and processes about 80,000 transactions daily on average. Serunjogi said that in June the app reached a monthly payments value of $100 million.
The payment processor plans to expand into more African countries and launch more variety of products per their users’ request. Currently the crypto trading market is in beta version.
“On the product side, that entails offering more business payment solutions, crypto-currency trading options, and investment services,”
The option is available via the website and the mobile app. Investments in U.S. stocks through the app per the statement will be first open to Nigerians. The services will be possible through a partnership with U.S. financial services company Drivewealth.
“The stock product will launch in Nigeria first and then expand to other countries, Serunjogi explained, adding that Nigerians will “have the option to buy fractional stocks — Tesla shares, Apple shares or Amazon shares and others — through our app.”
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