How Does Chipper Cash Make Money? | Business Model Explained

In the realm of fintech, Chipper Cash stands out, especially across Africa, by offering simplified cross-border transactions and accessible financial services. This article delves into the multifaceted revenue streams of Chipper Cash, exploring its operational model, historical growth, financial milestones, and notable alternatives in the fintech market.

Through this exploration, we aim to answer the pivotal question: “How Does Chipper Cash Make Money?” and provide a glimpse into its impactful journey in the financial technology sector.

History of Chipper Cash

The story of Chipper Cash is a testament to the boundless opportunities that lie in the fintech space in Africa. Here’s a look at how Chipper Cash evolved from a budding idea into a fintech giant:


Chipper Cash was conceived by two visionary African entrepreneurs, Ham Serunjogi from Uganda and Maijid Moujaled from Ghana, who crossed paths while studying in the US. Their meeting took place at Grinnell College in Iowa back in 2013, where the seeds of what would become Chipper Cash were sown​​.

Inception and Early Growth:

The duo officially launched Chipper Cash in 2018 with a clear aim to ease cross-border mobile money transfers within Africa.

Initially, the platform garnered attraction in Uganda, Ghana, Kenya, and Rwanda, before expanding its footprint to Nigeria, which is recognized as a hub for tech startups in Africa​​.

Fundraising and Valuation:

Over the years, Chipper Cash has managed to draw significant investment to fuel its growth. Notably, in 2021, the fintech startup raised $250 million, catapulting its valuation to over $2 billion.

Among the early believers in Chipper Cash’s potential was 500 Startups, which invested $150,000 in November 2018. Moreover, the startup formed a pivotal partnership with Visa and received seed funding from notable figures like Joe Montana​.

Geographic Expansion:

Beyond the African continent, Chipper Cash extended its services to the UK and the US, marking its foray into the international fintech arena.

This expansion allowed a broader user base to leverage the platform for cross-border transactions, reinforcing Chipper Cash’s commitment to easing global money transfers​​.

Product Diversification:

Chipper Cash isn’t just a one-trick pony; it continually diversified its offerings to cater to a wide array of financial needs.

This can be seen from its venture into cryptocurrency trading and stock investing, along with facilitating bill payments and airtime sales in certain regions​.


The journey of Chipper Cash is more than just a tale of financial growth; it’s about creating a significant impact in the financial ecosystem of sub-Saharan Africa.

By offering a cross-border payment solution, Chipper Cash has played a pivotal role in revolutionizing mobile payments across the region, making financial transactions seamless and accessible for many​​.

The trajectory of Chipper Cash reflects a blend of visionary leadership, robust financial backing, and a relentless pursuit of innovation, all aimed at bridging financial gaps not just in Africa, but globally.

How does Chipper Cash Make Money

Foreign Exchange Services

At the core of its revenue generation, Chipper Cash profits from foreign exchange services. Users indulging in cross-border transactions are subject to a fee, which contributes to the company’s earnings.

Cryptocurrency Trading

Chipper Cash has embraced the cryptocurrency wave, enabling its users to buy and sell cryptocurrencies like Bitcoin.

This service attracts crypto enthusiasts to the platform and generates a commission for Chipper Cash with every transaction​​.

Bill Payments and Airtime Sales

In certain regions like Nigeria, Chipper Cash facilitates bill payments and sells airtime. These services not only provide convenience to users but also bring in a revenue stream for the company through service charges​.

Investment Services

Chipper Cash stock Investment Services

Venturing beyond traditional financial services, Chipper Cash also offers stock investing options to its user base.

This diversification likely brings in commission fees and possibly management fees from users engaging in stock trading on the platform​.

Business Payment Solutions

The platform isn’t just for individual users; it also caters to business needs by offering payment solutions. This B2B aspect of Chipper Cash allows it to earn revenue by charging businesses for utilizing their payment platform.

Monetizing User Base

With a growing user base, Chipper Cash has a rich data reservoir. Although not directly mentioned, like many fintech platforms, there might be opportunities for monetizing this data through various channels while ensuring user privacy.

The amalgamation of these revenue streams has propelled Chipper Cash to notable financial growth over the years, with a substantial increase in revenue from 2020 to 2022. As fintech continues to evolve, Chipper Cash is well-poised to explore new revenue-generating avenues, further solidifying its position in the financial ecosystem.

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How does Chipper Cash Work

Chipper Cash has carved a niche in the fintech space by offering an array of financial services that cater to both individuals and businesses.

Here’s a rundown of how this innovative platform operates:

A. User Registration:

To get started, users need to download the Chipper Cash app from either the App Store or Google Play Store. Upon installation, they are required to create an account using their mobile numbers and email addresses.

B. Verification Process:

Chipper Cash Verification Process:

Once registered, users undergo a verification process to ensure authenticity and security. This usually involves submitting identification documents and other pertinent information.

C. Money Transfers:

Chipper Cash’s cornerstone feature is its ability to facilitate cross-border money transfers swiftly and at low costs. Users can send and receive money across various countries in Africa, the US, and the UK, making it a preferred choice for individuals and businesses engaged in cross-border transactions.

D. Bill Payments:

In certain regions, users can effortlessly pay their bills using Chipper Cash. The platform supports payments for utilities like electricity, water, and internet, providing a one-stop solution for managing monthly expenditures.

E. Buying and Selling Cryptocurrency:

For cryptocurrency enthusiasts, Chipper Cash offers a platform to buy and sell cryptocurrencies like Bitcoin. This feature not only provides an entry point into the crypto world but also allows seasoned traders to manage their crypto assets.

F. Investment Opportunities:

Chipper Cash has broadened its horizon by providing investment opportunities in stocks. Users can explore the stock market and make investments, thus diversifying their financial portfolios.

G. Business Payments:

Catering to the B2B segment, Chipper Cash offers payment solutions for businesses. This feature allows businesses to manage their payments efficiently, be it to suppliers or employees, all within a secure and user-friendly interface.

H. Customer Support:

To ensure a smooth user experience, Chipper Cash provides robust customer support. Users can reach out for assistance through the app or via the platform’s official website, ensuring that any issues are resolved promptly.

I. Security:

Security is paramount in any financial platform, and Chipper Cash is no exception. The platform employs robust security measures to safeguard user data and financial transactions, ensuring a secure and reliable environment for its users.

By offering a blend of essential financial services coupled with an intuitive user interface, Chipper Cash has not only simplified how people manage their finances but has also bridged the financial divide across borders, making it a revered player in the fintech space.

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Chipper Cash Financial Milestones

Chipper Cash Financial Milestones

The financial trajectory of Chipper Cash reveals a promising venture that has not only captivated users but also investors.

Here’s an analysis of the fintech giant’s funding rounds, revenue generation, and valuation:

Funding Rounds

Chipper Cash has attracted significant investment to bolster its operations. Notably, in 2021, the fintech startup raised a whopping $250 million.

Among the early backers, 500 Startups invested $150,000 in November 2018. Besides, a strategic partnership with Visa and seed funding from notable figures like Joe Montana have also contributed to its financial muscle​​.

Revenue Generation

Chipper Cash has displayed a remarkable revenue growth over the years. In 2021, the company reported a revenue exceeding $75 million (excluding cryptocurrency transactions).

The following year saw a substantial leap, with revenue figures landing between $100 and $150 million, showcasing a significant upward trajectory from the $18 million revenue of 2020​.


The substantial funding and burgeoning revenue have catapulted Chipper Cash’s valuation. As of 2021, the company was valued at over $2 billion, marking a significant milestone in its financial journey and placing it amongst the noteworthy fintech startups in the global arena​.

Investor Confidence

The impressive financial milestones underscore a strong investor confidence in Chipper Cash’s business model and its potential for further growth. The large funding rounds and high valuation are indicative of the trust investors have in the company’s vision and the management’s ability to execute it.

Future Prospects

With a solid financial foundation, Chipper Cash is well-positioned to continue its expansion, diversify its product offerings, and explore new markets. The financial milestones achieved so far provide a springboard for the company to reach new heights in the fintech space, potentially leading to more funding rounds and an even higher valuation in the near future.

The figures speak volumes about Chipper Cash’s financial health and the potential it holds. The substantial investment, steadily climbing revenue, and soaring valuation not only reflect a successful fintech venture but also a beacon of financial innovation with a promising future.

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Alternatives to Chipper Cash

In the burgeoning fintech ecosystem, numerous platforms offer services akin to Chipper Cash, each with its unique features and advantages.

Here are some notable alternatives to Chipper Cash that have been making waves in the financial technology sphere:

  1. Cash App:
    • Known for its user-friendly interface, Cash App facilitates a variety of financial transactions including sending, spending, saving, and investing money. It’s a go-to for many looking for a simple, fast, and secure mobile finance application​.
  2. Flutterwave:
    • An African-based alternative, Flutterwave is carving a niche in the payment solutions sector, providing comprehensive payment services to businesses and individuals across the continent​​.
  3. WorldRemit:
    • With a global presence, WorldRemit is a strong contender in the remittance sector. It provides international money transfer services, making cross-border transactions a breeze​.
  4. PalmPay:
    • PalmPay is another noteworthy alternative offering a range of financial services. It’s gaining traction in regions where Chipper Cash operates, making it a viable alternative for many​​.
  5. OPay:
    • Diversifying the financial services sector, OPay offers an array of services including mobile payments, lending, and investment opportunities, amongst others​.
  6. Blockonomics:
    • Tailored more towards cryptocurrency transactions, Blockonomics is a platform that enables online stores to accept Bitcoin payments, providing a gateway for businesses into the crypto sphere​.
  7. AZA:
    • Like Chipper Cash, AZA facilitates currency exchange and cross-border payments, making it a handy platform for individuals and businesses involved in international transactions​.
  8. Kuda:
    • Kuda is an online-only bank providing a range of financial services sans the traditional banking hassles, making it an attractive alternative for those looking to manage their finances digitally​.
  9. FairMoney:
    • Catering to the lending sector, FairMoney offers credit solutions to individuals and small businesses, filling a crucial gap in the financial ecosystem​​.

Each of these platforms brings something unique to the table, showing the diversity and innovation in the fintech sector. Whether you’re looking to make cross-border payments, manage your finances, or delve into the world of cryptocurrency, there’s likely an alternative to Chipper Cash that suits your needs.

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