Chipper Cash is reportedly considering a sale

According to a report from Bloomberg revealed immediately, Chipper Cash, considered one of Africa’s extra outstanding fintech firms and unicorns, is reportedly considering promoting the corporate or looking for new traders. Bloomberg stated the conversations are non-public, however Chipper Cash advised the publication that it by no means sought to be acquired. According to a response despatched to Bloomberg from Chipper Cash, “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.”

Chipper Cash downplays SVB publicity, however new claims might present in any other case

The firm has been within the information just lately after stories that it had some cash in Silicon Valley Bank. In a assertion, the corporate stated its publicity was solely $1 million and that it might not have an effect on its operations. Despite this, Fatu Ogwuche, the writer of Big Tech This Week, disagreed with Chipper’s model of occasions, reporting that the startup had $3 million. Whatever the precise quantity, US regulators’ choice to make all depositors entire means it might merely be an instructional argument.

What is clear is that it might be a more difficult yr than typical for Africa’s unicorns trying to elevate cash. TechCabal reported earlier that Flutterwave’s IPO plans might undergo a delay this yr, with unconfirmed stories that the corporate might have to boost cash at a decrease valuation than $3 billion.

With the choice of going public trying unlikely, Chipper Cash might undergo a slash in valuation if it raises cash this yr. Its earlier valuation at its $250 million fundraise was $2 billion.