UAE company Telenor is talking about reaching Pakistan

FTX marked Chipper Cash’s $ 2B valuation up to $ 1.25B

According to documents from Financial Times on Almeda’s Venture Capital Portfolio, African Fintech Chipper Cash saw an evaluation of over $ $ 1.25 billion to $ 1.25 billion before the bankruptcy of FTX.

Techcrunch faced this information from sources familiar with the company’s financial condition. Although the African cross-border payment company did not confirm the news, when asked, the filing validated the details of our sources. This news is coming out a day after the 12.5% workforce of Chipper Cash (about 50 employees).

May last May, Chipper Cash raised a $ 100 million series C round under the leadership of SVB Capital; the U.S. High-tech commercial bank is the investment branch of Silicon Valley Bank. Six months later, it found another $ 150 million, an extension of the era that saw Chipper Cash raise a total of $ 250 million. Sam Bankman-Fride’s now-deformed Cryptocurrency exchange platform FTX led the valuation of round and chipper cash to $ 2 billion, which became one of the five unicorns of Africa last year.

FTX finished over a quarter of the extension round of Chopper Cash in $ 40 million, according to documents revealing the stakes of Almeda and FTX. Despite increasing more than $ 250 million in 2021, Chipper Cash, which Afrobeats star Barna Boy and French former professional football player Patrice Ivara are counted as Celebrity Endorse. This year, the market went on the need to raise more money in the market this year Gaya, most likely the current macroeconomic season as a cushion. Situation. But this year, with many startups, it may have to compromise with a down round. It needs to be clear how successful the four-year startup was in fresh funding. Still, the documents suggest that Chipper Cash received an additional $ 35 million safe from FTX on an evaluation of $ 1.25 billion. The new valuation, which will come into full impact in a period of one value, represents a decline of 37.5% for an assessment months ago.

A long-term bull run that saw public technical stock and more than a decade of private investments slowing down a new wave of jobs and cost cuts. This is unlike last year’s mouthwatering funds, where the startups rush to rent and raise money. Many are struggling to prove and maintain high-ups and maintains, which they have received because Pendulum is back to an investor’s market from a founder’s market.

Many startup valuations, especially the people of Fintech, have fallen brilliantly this year, with jugornots such as strip and chlarna taking severe valuation haircuts up to 28% and 85%, respectively. When Techcrunch reported the chipper cash trimmed yesterday, we noted that some high-profile startups in Africa had evaluated internally just like their global counterparts. With Chipper Cash, there have been reports about falling between 20% and 60% secondary sales of startups, thus their 409A assessment (an independent estimate of the proper market value of the startup, often stock options to employees, Is used for the price of).

Small African startups are not exempted from this evaluation route, either. For example, the Egyptian Social Commerce platform Brimor evaluated its evaluation according to the company’s financial sources. In October, we reported on the Nigerian genomics startup 54Gene, which not only trimmed its assessment from $ 170 million to $ 50 million but also shut down the down round with investors, requesting 4x liquidation preference.

It is still being determined whether Chipper Cash will maintain the evaluation in its next round of price, as FTX’s leading investor is currently bankrupt. According to FT, Fintech was one of more than 450 investments that wanted to introduce ten holding companies, such as Almeda Research and FTX Ventures, to collect funds for Sam Bankman’s fried ftx group, which includes a bail on one attempt. To collect funds for Sam’s FTX Group. FTX trade, McLear investment, and Clifton Bay investment (hands used to invest in helicopter cash).

Other African setups on this list include:

  • Over.
  • South African digital asset exchange.
  • OTC business desk ($ 122 million out of $ 5 million FTX).

Kenya Finance Payment Automation Company ($ 25 Million Main Notes/Board); African Mobile Wave ($ 10 Million Shares); South African Valor ($ 4 Million Stocks); Nigeria Betanob Cryptology Startup ($ 500,000 from FTX with $ 20 million assessment); Nestcoin, a Nigerian Web platform, which stuck in the FTX for $ 250,000) and a Web 3 Startup Startup Jumbo ($ 500,000) in the Bankruptcy SBF ($ 30 Million) Banking Cryptography Exchange.

There have been whispers that some FTX and Alameda portfolio companies have yet to receive the total amount of financial investments due to FTX’s bankruptcy. If Chipper Cash is in that group, it is easy to know why it may have fired employees to retain the runway because the company claims not to be exposed to FTX crashes, according to two people familiar with the company’s bankruptcy. Exchange.

Chipper Cash was established in 2018 to provide African -free border payment services. According to the company, its platform is used by more than 5 million customers in Ghana, Uganda, Nigeria, Tanzania, Rwanda, South Africa, and Kenya-and recently, the United States and the United States in which FTX-backed launch This year has expanded to facilitate peers. -Money from both countries to choose the African regions. Last month, the African Border Payment Program announced that Zambian Fintech Zoona is trying to expand to South Africa.

The platform, which offers P2P, encryption, shares, and virtual cards, has increased its gross revenues from $ 8 million in Q1 2021 to about $ 169 million in Q1 2022 and TPV from $ 213 million to 1.65 billion. The dollar rises in the same fourth period. , According to the finances seen by Techcrunch.

UAE company Telenor is talking about reaching Pakistan

Leave a Reply

Your email address will not be published. Required fields are marked *