One of Africa’s fintech giants, Chipper Cash, is said to be weighing the possibility of selling the business or bringing in new investors. According to the CEO of the FTX and Silicon Valley Bank-backed fintech startup, Chipper Cash had insignificant exposure to both SVB and Signature Bank.
Chipper Cash ‘Never Sought to Be Acquired’
The FTX and Silicon Valley Bank (SVB) backed-African fintech giant, Chipper Cash, is weighing options including the sale of the business or bringing in new investors, a Bloomberg report that cites unnamed sources has said. According to the report, the fintech, which began exploring its options before SVB’s abrupt collapse, is yet to make a final decision on which course of action it will take.
As previously reported by Bitcoin.com News in late 2021, Chipper Cash successfully raised $150 million in a Series C extension that was led by the now-collapsed crypto exchange FTX. SVB, which led the first Series C, also participated in the round as did Deciens Capital, Ribbit Capital, Bezos Expeditions, One Way Ventures, and Tribe Capital.
However, following a turbulent 2022 which climaxed with FTX’s collapse, Chipper Cash saw its valuation drop from $2 billion in the fourth quarter (Q4) of 2022 to…