Chipper Cash secures 40 money transmitter licenses across the US

Chipper Cash, an African fintech unicorn, has announced its securing of 40 money transmitter licenses across the United States for retail and business customers. The acquired permits are applicable for both domestic and international money transfers. It now has money transmitter licenses in 80% of the country’s states. Additionally, the remaining 20% are catered for by its banking partnerships.

In an official statement, the company stated that it has “100% covered in the US. From Delaware to DC, Illinois to Virginia, Arizona to Oregon, retail and business customers can use Chipper Cash to securely send money domestically and internationally in every US state.”

The 40 newly acquired licenses, together with the 15 that it already holds across the North American continent have expanded the firm’s global licensing portfolio to 55 licenses across the world. Chipper Cash strives to obtain all 53 US money transmitter licenses in 2024.

Chipper Cash Growth vs. Challenges

The acquired licenses are yet another milestone marked by the fintech unicorn in recent months. In October 2023, it introduced the Chipper USD account with features such as direct USD payments and instant account opening. About a month later, it announced its partnership with Visa to optimize financial inclusion in Africa.

Even so, this growth has not been without challenges. In particular, it has laid off some of its employees in the fourth round of layoffs within one year. In the latest round, it let go of 15 workers.

Earlier in the year, its connection with FTX had its valuation drop to $1.25 billion. Besides, a decline in investor confidence coupled with high interest rates and recession concerns impacted the company.