StartupsTech

Forbes’ Fintech 50 list: African fintech unicorn, Chipper Cash, featured as one of many new honorees

Forbes' Fintech 50 list: African fintech unicorn, Chipper Cash, featured as one of many new honorees - Startup Lagos

African fintech startup, Chipper Cash has been featured in the Forbes’ Fintech 50 list of 2022. The list which has been published consecutively seven times annually captures fintech companies that are making a significant impact on financial inclusion within their respective communities, making banking cheaper and more accessible for small businesses. Forbes reports that over 25 of the picks this year have never appeared in its previous features.

With the growth in investments globally last year, a lot of fintech companies had captured significant growth capital (a global total of over $133 billion) to pivot their businesses into neobanking. The list of Forbes helps to highlight the most innovative of these startups, and likewise features a lot of fintech startups that are playing in the cryptocurrency and blockchain space.

Chipper Cash is spotlighted by Forbes as hitting a $2.2 billion valuation in just three years, through its business of helping Africans to transfer money a lot cheaply, buy US stocks, and invest in crypto. The startup was founded in 2018 by two Africans, Ham Serunjogi of Uganda and Maijid Moujaled of Ghana.

The company, last year, had raised $150 million in a Series C extension round led by Sam Bankman-Fried’s cryptocurrency exchange platform, FTX, with reinvestments by SVB Capital. Earlier on, the company had raised over $100 million in Series C, led by SVB Capital and others, including Bezos Expeditions, Jeff Bezos’s personal Venture Capital fund, making it the first investment in an African startup for Bezos’ fund which has also backed global tech brands including Uber, Twitter, and Airbnb.

With operations across seven African countries, namely, Ghana, Uganda, Tanzania, Rwanda, South Africa, Kenya, and Nigeria, the company has reached $100 million in monthly payments processed in June 2021. The company’s move into the American markets with the aim of capturing value in the remittances space, through a comparatively cheaper offering than its competitors, has held it into greater prominence globally. Chipper Cash is a newcomer to the Fintech 50 payments category, with five other companies making financial services easier across the globe, listed.

Esusu, a US startup, co-led by a Ghanaian, also made the list. The company was co-founded by Abbey Wemimo and Samir Goel, in 2018, and was built to address marginalized communities in the US, to help them build their credit scores through rent payments. The founders started off in 2018 with a Rent Relief Fund through crowdfunding to support renters across the US during COVID-19. Both founders are African, from

The dynamic fintech company creates equitable financial access, through rent reporting, data-deep property management analytics, and rental assistance unlocking financial access and stability for renters and property owners alike. Earlier this year in January, the fintech joined the league of unicorns after raising over $130 million in Series B.

The two most valuable companies in the Fintech 50 personal finance category, where Esusu features, were Chime, America’s largest digital bank, valued at $25 billion, and Upgrade, a newcomer to the list, valued at $6.3 billion. Together, all companies listed in the category are worth over $38.8 billion.

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