Fintech Unicorn Chipper Cash set to acquire Zambian fintech Zoona
Payment solutions company, Chipper Cash, has announced that it is soon acquiring Zoona, an agent-based financial services company in Zambia.
By Anna B Kiwanuka
Pan-African cross-border payment app Chipper Cash is set to acquire Zambian fintech company Zoona Transactions International.
The acquisition, pending deal completion and all required clearances is part of Chipper’s effort to grow across the continent and is viewed as a chance to enhance payment and remittance services. Additionally, the two businesses complement shared offerings, such as transfer solutions, disbursements, and API.
Laura Kennedy, Chipper Cash’s VP of Corporate Development stated that Zoona’s acquisition will offer incredible innovation, a great partner network, complementary products and services, and talented in-country teams.
She added, “Bringing these companies together under the Chipper umbrella will mean we can open up even more borders, bringing quality financial services to life in more countries and connecting more people across the continent.”
For Zoona’s co-founder and CEO, Brett Magrath, this acquisition allows the two companies to combine their expertise to connect consumers and businesses across the continent while positioning themselves as the first choice provider of financial services for the people of Africa.
CEO Ham Serunjogi founded Chipper Cash with Maijid Moujaled, who currently serves as the payment company’s President, in 2018 to offer fee-free personal and cross-border payment to Africa. Since then it has raised $300 million in venture capital funding and is now valued at $2.2 billion. Its services are available in Ghana, Uganda, Nigeria, Tanzania, Rwanda, South Africa, and Kenya, as well as in the UK and US.
When Zoona was established in Zambia’s tech ecosystem in 2008, it paved the way by creating the Tilt service, which allows people and businesses to pay and send money to banks and money mobile providers in the nation using cash, its digital channel, or its network of more than 450 interoperable agents.
Chipper cash, whose emergence coincides with the start of Africa’s mobile money industry, has processed over $3 billion worth of transactions since its launch. In 2020, the Zambian company sold its business in Malawi to Cape Town-based payments company Mukuru, as it refocused its business to a B2B model.