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Nigerian Fintech Chipper Cash Considers Selling Business


  • Chipper Cash is rumored to be considering selling its business due to financial difficulties, according to sources that spoke to media outlets.
  • The startup has likely been impacted by the crash of crypto exchange platform FTX and tech-focused Silicon Valley Bank, two of its biggest investors.
  • Chipper Cash denied the rumors in a statement.


Chipper Cash, a Nigerian payment platform that has been in the news a lot recently, is considering selling its business according to a report by Bloomberg.


The media outlet cites sources who claim that the startup is looking for funding, with selling its business being another option. Why is the company suddenly facing financial woes?


TechPoint Africa coverage of the news mentioned that the Nigerian startup was impacted by the crash of crypto exchange platform FTX and tech-focused Silicon Valley Bank. The two financial institutions were some of the biggest investors in the startup.


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Chipper Cash has also been engaged in cost-cutting measures including laying off over 150 employees since 2022.


However, it seems that the crash of the US-based companies has nothing to do with the rumours of Chipper Cash sale. In fact, the company denied the rumours that it was considering selling its business.


“It’s been fairly common practice for us to receive various M&A proposals from different parties, which we evaluate to varying degrees. That being said, we have never sought to be acquired,” it said in a statement.


For now, all we have is the company saying something different from what sources are claiming. Likely, we will get to learn more about Chipper Cash’s true financial state in future.


It is also worth noting that it is not unusual for companies to portray an image of stability when the reality if far from it.


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Onwuasoanya Obinna

A reader of books and stringer of words. Passionate about Science and Tech. When not writing or reading he is surfing the web and Tweeting.