Chipper Cash has expanded its partnership with Visa to continue their collaboration on card issuance. The fintech hopes to leverage Visa’s capacities.
Chipper Cash, one of Africa’s most valuable fintech startups, is partnering with global payments company Visa on strategic partnerships ranging from card issuance to product marketing.
Both companies have worked together since 2021 on the rollout of Chipper Card to support consumer payments in Chipper Cash’s operating markets, especially in Africa. The new partnership builds on this existing arrangement and will see both fintechs expand collaboration on card issuance while also joining forces across regulatory and functional areas such as Visa licensing and marketing on the back of Chipper’s expertise and Visa’s network capabilities.
Chipper Cash, who have reportedly issued one million virtual cards, hopes to leverage Visa’s experience and investment across more areas of its business, especially as the American payments network expands its footprint in Africa. Last December, Visa pledged to invest $1 billion in the continent over the next five years, a plan that could include acquisitions and new investments in regional startups.
“Today’s announcement means we can deliver on our priorities at a faster pace than we could do alone; harnessing Visa’s global reach to enable us to continue to bring the very best products and services to customers,” said Brett Macgrath, Chipper Cash’s Chief Product Officer.
Visa said it is “thrilled” to double down on its Chipper Cash partnership. “This deepens our support in the growing demand for digital financial services in Africa and driving meaningful impact across the continent,” said Meagan Rabe, Visa’s Senior Director of Fintechs in Sub-Saharan Africa. “We look forward to continuing our work with Chipper Cash to redefine and expand the boundaries of financial accessibility and convenience.”
The latest announcement comes just two months after Chipper announced the launch of Chipper ID, the AI-driven verification and onboarding tool built specifically for the African continent. The company is now betting that its strategic partnership with Visa will help it scale its card business and verification services within Africa. Chipper Cash said it serves over five million customers across Africa and the US.
Chipper Cash has had a rough last couple of months as it consolidated its resources during a harsh funding winter. Between November 2022 and March this year, two of the startup’s most prominent investors — failed crypto company FTX, and Silicon Valley Bank — collapsed. In June, TechCabal reported that Chipper Cash laid off at least ten staff members in the company’s third round of layoffs over the previous year. Per our sources, those affected included Hasan Luongo, the vice president of global marketing, Alicia Levin, the global chief operating officer, and Leon Kiptum, the country director for Kenya. Now the company is looking to stay on a growth path in a shaky macroeconomic environment.
Editor’s note: This article has been updated to include that Chipper’s VP for global marketing was affected by the layoffs.
