It began in London with Circle which was backed by Goldman Sachs. Yes, Circle had made it possible for people to wire money from U.S. to England at zero fee and without erosion on exchange rate. Circle symbolized my near-zero marginal cost redesign where transaction and distribution costs become ZERO. When that happens, products can be offered for free. Here, it was international remittance.
But while we were thinking, it seems Nigerians could begin to enjoy that also. U.S.-based Chipper Cash, a startup which offers instant cross-border mobile money transfers in Africa via text messaging, is coming to town, to make zero-free cross border payment in Nigeria possible. Yes, you read it right; TC daily summarizes below.
US-based Chipper Cash has expanded to Nigeria. Chipper Cash is a zero-fee cross border payment solution with offices in Ghana and Kenya. It was founded by Uganda’s Ham Serunjogi and Ghana’s Maijid Moujaled and fully kicked off operations in October 2018. According to TechCrunch, the startup now has 70,000 users and operates in six African countries. For its expansion to Nigeria, Chipper Cash has secured a partnership with Paystack. Also, the startup has hired former Gokada co-founder, Abiodun Animashuan, as its country manager for the West African country. (TC Daily)
According to TechCrunch, Chipper Cash has raised a $2.4 million seed round led by Deciens Capital this May.