The company’s last funding round in November included participation by Jeff Bezos’ Bezos Expeditions VC fund.
Chipper Cash, founded in 2018, works to provide free mobile-based peer-to-peer (P2P) fees payment services in Ghana, Uganda, Nigeria, Tanzania, Rwanda, South Africa and Kenya.
With the Series C round, the company plans to keep boosting its products and growing its team.
In addition, the company has added beta dropdowns on its website and app, which the report said will let users buy and sell bitcoin and invest in U.S. stocks from Africa.
The company will work on the business financial services side, too, adding more application programming interface (API) payment solutions. Chipper Cash will also look at doing more country expansion which it plans to announce later in the year, according to the report.
And the company also runs Chipper Checkout, which is a merchant-focused fee-based payment product that works on providing the revenue to help with running the free mobile money aspect of the business.
As of last November, Chipper Cash had 3 million users and processes around 80,000 transactions every day.
The company also hit a monthly payment value of $100 million in June 2020.
Bezos’ investment in Chipper Cash came in 2020. Chipper got its first round of investor cash in 2019 getting $2.4 million from Deciens Capital and other investors. Then there was another $6 million seed round in December of 2019. And there was a $13.8 million Series A round in July 2020, which featured Deciens as well as Raptor Group.
Shifts in the payments world can take time to notice, and East Africa has been in a big shift. PYMNTS writes that there are almost 200 million customers subscribed to mobile money services across the continent. Eighty percent of the population has a mobile device.