Chipper Cash
- 🦄Became a unicorn2021
- 📈Peak valuation$2.2 Billion ’22
- 💔Became a Unitard2023
- 💸Last valuation~$440M
How it happened
Chipper Cash is a pan-African cross-border payments app backed by Ribbit Capital, SVB Capital, Bezos Expeditions and FTX that hit a $2.2B valuation in late 2021. Then FTX and Silicon Valley Bank collapsed, the naira's devaluation squeezed its economics, and investors slashed its internal valuation roughly 70% to about $450M, stripping its unicorn status. Glassdoor reviews from the 2022-24 retrenchment counted five layoff rounds in 13 months and roughly $250M burned in a year, and described raises, bonuses and promotions frozen while staff pressed leadership — mostly in vain — for straight answers about runway.
Employee accounts paraphrase anonymous, unverified reviews posted publicly on Glassdoor ↗. See our methodology.
Source: Forbes / Fintech News Africa / TechCabal (pan-African cross-border payments app backed by Ribbit, Deciens, SVB Capital, Bezos Expeditions and FTX; reached a $2.2B valuation in a Nov 2021 round extended by FTX; the collapse of FTX and SVB, naira devaluation and a failed sale process cut its internal valuation ~70% to roughly $450M)
