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Amid SVB collapse, Chipper Cash explores sale

Amid SVB collapse, Chipper Cash explores sale


African fintech startup financed exploring selling the company or getting new investors.

These became an option after the collapse of FTX and Silicon Valley Bank.

FTX has a substantial stake in Chipper Cash while $250 million in 2021 in a round led by SVB.

SVB owns an almost 2% stake in the African-focused fintech.

Those familiar with the situation said the startup is currently weighing options either to sell or seek new investors.

They said no final decisions have been made and the company haven’t decided on any.

“It’s been fairly common practice for us to receive various M&A proposals from different parties, which we evaluate to varying degrees,” the company said in response to questions about the matter.

“That being said, we have never sought to be acquired.”

Chipper Cash is also an SVB banking client, like many African tech companies who depends on the US for capitals.

Chipper Cash maintains that the collapse of SVB won’t affect the company.

“While this is a very worrying time for so many tech firms, the impact of SVB’s collapse on Chipper is insignificant,” the company said in a statement.

Chipper Cash isn’t in a crossroad as US banking officials announced that deposits in SVB would be fully insured.

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