Afrobility: Africa Tech and Business

#33: Chipper Cash - How the FinTech platform started from African remittances to become the fastest unicorn in Africa Tech history

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Overview: Today, we’re going to talk about Chipper Cash - The African Fintech payments & remittances player. We’ll explore the Chipper story across 6 areas:

  1. Intra-Africa remittances context
  2. Global remittances (outside Africa to Africa) context
  3. Chipper Cash’s launch, early history, growth & fundraising
  4. Chipper Cash's Product & monetization strategy
  5. Competitive positioning & potential exit options
  6. End with our overall outlook.

    7. This episode was recorded on July 11 & Aug 1, 2021.


    Companies discussed: Chipper Cash, Venmo, PayPal, Square, Flutterwave, EcoBank, Safaricom, Sendwave, MTN, Airtel, Deciens Capital & Liquid2 Ventures


    Business concepts discussed: Consumer FinTech (Personal Finance OS) monetization strategy, FinTech exit strategy, Intra-African Remittances, International remittances, Cryptocurrency, Decentralized Finance, Stock trading & closed-loop payment networks


    Conversation highlights:

    • (01:07) - Why we’re talking about Chipper Cash
    • (06:20) - Intra-African trade context
    • (13:12) - Intra-African remittances context
    • (21:40) - Global remittances (outside Africa to Africa) context
    • (36:50) - Founder backgrounds - Ham Serunjogi & Majid Moujaled
    • (46:06) - Chipper Cash founding and early history
    • (52:30) - Fundraising and Growth - Angel, Series A, B & C
    • (1:07:25) - Product strategy
    • (1:08:25) - Monetization strategy
    • (1:35:24) - Competition - horizontal and vertical
    • (1:45:55) - Potential exit scenarios
    • (1:54:12) - Bankole’s overall thoughts and outlook
    • (2:01:32) - Olumide’s overall thoughts and outlook
    • (2:08:40) - Recommendations and small wins


      • Olumide’s recommendations, small wins & open questions:

      • Recommendation:  Nailing Capital vs Scaling Capital (by Sajith Pai) , Essentialism (by Greg McKeown) & Owning Chinese Companies Is Complicated (by Matt Levine from Bloomberg)
      • Small win: American Express Platinum new benefits: Clear! & Audible!


        • Bankole’s recommendations, small wins & open questions:

        • Recommendation: Why startups fail by Tom Eisenmann & How to build an engine to find product market fit by Rahul Vohra
        • Small win: Dinner with friends on a rooftop in Seattle
        • Other content: Chipper Cash pitch at 500 Startups & A columnist Makes Sense of Wall Street Like None Other - The New York Times

          • We’d love to hear from you. Please email [email protected] to share feedback or propose topics you’d like to hear.


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          Afrobility: Africa Tech and BusinessBy Olumide Ogunsanwo and Bankole Makanju
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