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Jeff Bezos announces first start-up investment in Africa

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Jeff Bezos has made his first African fintech start-up, Chipper Cash. Through his personal venture capital fund, Bezos Expeditions, the world's richest man supported the Series B funding which was spearheaded by Ribbit Capital, raising $30-million (R460 431 000). 

Chipper Cash allows instantaneous cross-border mobile money transfers in Africa. The funds will be used to essentially expand into other markets, which will be revealed in 2021.

The platform currently has 3 million users, situated in South Africa, Ghana, Kenya, Uganda, Rwanda, Nigeria, and Tanzania. An average of 80,000 transactions are processed daily, according to the company. 

The investment will allow the company to expand its product suite, to include more business payment solutions, crypto-currency tradition options as well as investment services, the company said.

“We are responding to the demand from customers on our P2P platform who also have business enterprises,” Chipper Cash Chief Executive Officer Ham Serunjogi said in the statement.