African-owned startups, Chipper Cash and Esusu make Forbes Fintech 50 list of 2022

Two African-owned startups, Chipper Cash and Esusu have been listed on the Fintech 50 list of 2022 by Forbes.

  • Esusu, co-owned by Ghanaian Abbey Wemimo was founded in 2018 alongside Samir Goel, and built to include everyone on the journey from financial identity and stability toward financial wellness that leads to wealth building.
  • According to the startup, it was also built to create equitable financial access for everyone. On the premise that where you come from, the colour of your skin, and your financial identity should never determine where you end up in life. The Esusu platform provides rent reporting, rich property management analytics, and rental assistance unlocking financial access and stability for renters and property owners alike.
  • Earlier this year in January, the company raised $130 million in funding and hit unicorn status.
  • Chipper Cash on the other hand was described by Forbes as “One new standout is Chipper Cash, a San Francisco-based startup launched by two twenty-somethings from Uganda and Ghana that helps Africans transfer money cheaply, buy U.S. stocks and invest in crypto. Founded in 2018, it already has more than five million users and a $2.2 billion valuation”.
  • The startup was founded by two Africans, Ugandan Ham Serunjogi and Ghanaian Maijid Moujaled and has attracted the attention of Jeff Bezos, CEO of Amazon and one of the world’s richest men. It raised $30 million in a Series B funding round led by Ribbit Capital with participation from Bezos Expeditions, Jeff Bezos’s personal venture capital fund, making it the first investment in an African startup for Bezos’ fund which has also backed global tech brands including Uber, Twitter, and AirBnB.
  • The company has since deployed its payments service in seven  African countries; Ghana, Uganda, Tanzania, Rwanda, South Africa, Kenya and Nigeria. It reached $100 million in monthly payments processed in June 2021. Chipper Cash’s latest funding came after it raised $13.8 million in a Series A round at the beginning of the year.

Bezos’ investment in Chipper Cash has added him to the list of high-profile individuals that have bet on an African tech startup. Former US vice-president Al Gore and 23-time tennis Grand Slam champion, Serena Williams as well as Mark Zuckerberg, through the Chan Zuckerberg initiative, have all invested in Andela, a developer outsourcing firm that connects African software engineers to global clients.

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