Chipper Cash, a cross-border payments app used by over five million people throughout Africa and its diaspora, today announced its partnership with Highnote, the world’s most modern card issuance platform, to soon launch a new card capability.
This new service will empower US-based Chipper Cash customers to access their Chipper Cash digital wallets to make transactions in the US and abroad that require a card payment, such as ecommerce purchases.
Digital money is moving at greater volumes and faster speeds than ever, with cross-border trade expected to grow 5% from 2018 to 2022. Chipper Cash rose to meet that need for its customers across Africa; its easy-to-use, no-transfer-fee, cross-border payment technology propelling it to become one of just seven technology unicorns on the continent. Now, Chipper Cash is leveraging Highnote to meet that need for its customers in the US, which is home to over 2.1 million immigrants from sub-Saharan Africa and is the origin of almost 30% of international remittances to the region.
Chipper Cash launched in the US in September of last year, just one month before it achieved its $2 billion dollar valuation. While it has a virtual card product for Nigeria (one of the largest markets in Africa for Chipper Cash), the Highnote card will be its first such offering in the US.
“I moved to the US from Ghana for school,” said Maijid Moujaled, Co-Founder of Chipper Cash. “My father back in Ghana could only send me cash through a system that was slow, frustrating, and expensive. This was the genesis of Chipper Cash: a dream to make cross-border remittances to Africa, the US, and the world easier and economical.”
“Building on this, we want to give our customers in the US the power to use the money they earn or have in their wallets to spend on things they need,” continued Chipper Cash Cards Product Lead Tefiro Serunjogi. “This is why we are so excited to partner with the Highnote team. We believe we have found a partner that can future-proof with us. Highnote offers great capabilities and platform flexibility, which will enable us to expand the Chipper Cash offering and find new ways to bring accessible financial services to people living in Africa and beyond.”
As the world’s most modern card-issuing platform purposefully built for innovative digital enterprises, Highnote is uniquely positioned to offer card capabilities tailored to Chipper Cash customers. For example, the new card functionality will feature a ledger that allows for seamless movement of funds between a user’s existing Chipper Cash digital wallet and their card account. In addition, Highnote’s highly scalable and flexible architecture means Chipper Cash can grow its card program at scale while reducing operational challenges and complexities that come with operating such programs today.
“This partnership highlights our belief that innovative companies like Chipper Cash, paired with modern world-class payments infrastructure, opens the floodgates for people to participate in so much of the digital payments revolution from which they have previously been excluded. We couldn’t be more excited to partner with Chipper Cash in support of their mission to bring financial inclusivity to millions,” said John Macilwaine, Co-Founder and CEO of Highnote.