Africa-focused mobile payment and cross-border money transfer service provider Chipper Cash is exploring sale and fundraising options.
Although the company maintains it never pursued a sale until now, it has already received a number of M&A proposals.
Silicon Valley Bank has a nearly 2% stake in the firm, having co-led a $250M funding in 2021 along with the now-defunct crypto exchange FTX.
- The firm claims that it was weighing options before SVB's fallout last week.
- Chipper's deposits are held at SVB.
- Chipper assured clients that customer operations remain unaffected throughout the implosion.
- Chipper Cash was valued at $2B in the Series C round last year.
- The latest move is indicative of challenging times at the startup after it laid off nearly a third of its workforce in late February 2023.
- It was Chipper's second round of layoffs after it cut 12.5% of its workforce in December 2022.
