The deal, subject to government approval, would bring Chipper Cash new online services, a new agent network and an entry into Zambia, TechCabal reported Friday (November 18).
In a Friday Publish On LinkedIn, Chipper Cash wrote: “In exciting news, we today announced the proposed acquisition of Zoona Group, which includes all services under the Tilt Africa brand.
Chipper Cash and Zoona did not immediately respond to PYMNTS’ request for comment.
According to TechCabal’s report, Chipper Cash executives said the deal would bring together complementary products and services, allow the two companies to connect consumers and businesses across Africa, and position them as the “financial services provider choice” on the continent.
Zoona’s Tilt service has processed more than $3 billion in transactions since its launch in 2008, according to the report.
Chipper Cash offers free personal and cross-border payments to Africa and is available in Ghana, Uganda, Nigeria, Tanzania, Rwanda, South Africa, Kenya, UK and US, according to The report.
“Bringing these businesses together under the Chipper umbrella will mean we can open even more borders, bring quality financial services to life in more countries and connect more people across the continent,” said Chipper Cash, vice-president president of business development. Laura Kennedy said in the report.
The report comes a year after Chipper Cash closed a $150 million Series C expansion funding cycle at a valuation of over $2 billion.
Earlier that year, the startup dabbled in social payments through a partnership with Twitter, using its Tip Jar-enabled African users to tip directly on the platform. At the time, Chipper Cash had over 4 million users and was on a mission to make transferring money as easy as texting.