American Football Legend Invests In A Ghanaian FinTech Startup
Joe Montana being an American Football legend and having Liquid 2 Ventures as his company and 500 Startups to invest a Ghanaian Fintech Startup, Chipper Cash, an African fintech startup owned and managed by Maijid Moujaled, who has been able to convinced the American footballer to invest in his startup. The startup, a no-fee, cross-border payments operating company, has been able to generate an amount of $2.4 million seed round.
Chipper Cash, the Ghanaian fintech startup, was founded by the Ghanaian serial techpreneur Maijid Moujaled together with his Ugandan counterpart, Ham Serunjogi. After going live last year in October, this has helped the startup to be part of the emergent fintech sector in Africa. Chipper offers no-fee, P2P, cross-border mobile-money payments in Africa, similar to Paypal’s version in Africa.
The Headquarters of Chipper Cash currently is in San Francisco (US), but has offices in Ghana and Nairobi, Kenya. Currently, the startup is having over 70,000 active users and has made 250,000 transactions for these users according to the Co-founder, Serunjogi.
To talk about the American footballer, “He was quite excited about what we’re doing and his belief that the next wave of [tech] growth will come from…Africa” said by the co-founder, Serunjogi as published on Tech Crunch.
500 Startups were led by Sheel Mohnot to invest in Chipper Cash. He compared Chipper Cash’s structure to PayPal as the commonly used and globally popular payments company.
“When PayPal started it was just a consumer to consumer free app. It still is free for consumer to consumer, they but they monetized the merchant side. That model is tried and tested. It just doesn’t exist in Africa, so Chipper has the opportunity to do that.”
Plans moving forward with this investment
With the investment as seed funds, Chipper Cash will be launching Chipper Checkout. This will be a merchant focused, C2B, mobile payments product similar to Paypal. This would be the premium side of the fintech company. The organisation plans to use the income from the paid Chipper Checkout to support the no-fee Chipper Cash service.
Chipper Cash is planning to expand its operations in Ghana currently, Uganda, Kenya, Tanzania, and Rwanda.
The startup is developing structures and putting things in place to tap into the global remittance market in West Africa. This market according to the World Bank is worth $38 billion.
Ham Serunjogi and Majiid Moujaled met at Grinell College, Iowa, when they were doing their undergraduate degrees.
To wrap up, Ghanaian fintech startup convinces American football legend to invest in it and here’s all you need to know.
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