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Chipper Cash, Silicon Valley Bank, and Silvergate Bank: What the future holds

Chipper Cash, Silicon Valley Bank, and Silvergate Bank: What the future holds

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#fintech
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#payments
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Chipper Cash, an African fintech company, is reportedly considering a sale. Despite recent financial troubles with Silicon Valley Bank and Silvergate Bank, Chipper Cash's CEO claims their impact was insignificant. The startup, which allows users to send and receive payments across Africa and buy cryptocurrencies, has faced bear market troubles and a recent valuation markdown by FTX.

African fintech firm, Chipper Cash, is reportedly considering a sale, according to sources. The company, which allows users to send and receive payments across Africa and buy cryptocurrencies, including Bitcoin, Ethereum, and USDC, was valued at $2bn in 2021, but its valuation was subsequently marked down to $1.25bn by defunct exchange, FTX, leading to the laying off of 12.5% of its workforce. Despite reports of a sale, Chipper Cash has denied that it has sought acquisition. CEO Ham Serunjogi issued a statement denying any material impact of Silicon Valley Bank's recent failure on the company's operations, while acknowledging the pivotal role the bank played in supporting the firm in its early days.


Read the full article on Business Insider Africa

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