Source: Joseph- Albert Kuuire/Tech Nova
Chipper Cash, an Africa-focused fintech company that was backed by Silicon Valley Bank and cryptocurrency exchange FTX, is currently weighing options including exploring a sale or seeking new investors according to a report by Bloomberg.
Due to the collapse of Silicon Valley Bank (SVB) last week, the company is currently considering different options but no final decision has been made.
Chipper Cash was a SVB banking client. The bank, which owns a 2% stake in the company, also provided the company wth banking services before it went under.
The company raised $250 million in 2021 in a round led by SVB and FTX and was valued at $2 billion at the time.
In a statement by Chipper Cash, the company stated although the collapse of SVB was “worrying”, the impact of its collapse on Chipper Cash was “insignificant”.
Source: Joseph- Albert Kuuire/Tech Nova
