Chpper has announced plans to acquire the Zoona company, which includes the Tilt brand. Chipper’s expansion across Africa will be accelerated by the planned acquisition. The Chipper Cash and Zoona teams will collaborate to support innovation and development of payment and remittance services, as well as supplementary products such as API, disbursements, and transfer solutions.
Chipper’s first major acquisition since its inception in 2018. Timing is crucial, and making this type of financing at this stage in the company’s history will allow Chipper to scale and grow its business more quickly than it could otherwise.
With this acquisition, Chipper Cash will expand its product lineup to include new online services and an agent network, allowing it to move faster toward its goal of providing the most trustworthy and accessible financial products to individuals in Africa and beyond.
Zoona was formed in 2008 and has since developed the Tilt service, which allows payments and transfers to any bank or mobile money provider in Zambia via any cash or digital channel, as well as a network of over 450 interoperable agents. Zoona was an early pioneer in the African mobile money payments market, processing funds worth more than $3 billion to date. Zoona is a Bank of Zambia Payments Systems Business licensee.
“Zoona, coupled with the well respected Tilt brand, offers fantastic innovation, a great partner network, complementing products and services, and talented in-country teams,” said Laura Kennedy, VP Corporate Development, Chipper Cash. Offering these companies under the Chipper banner would let us to cross even more borders, bringing great financial services to more countries and connecting more people across the continent.”
“Zoona and Chipper share a vision of providing clients in Africa with innovative and reliable payment and transfer solutions.” Working together, we can combine our knowledge to link consumers and businesses across the continent, establishing ourselves as Africa’s first choice provider of financial services,” stated Brett Magrath, Zoona’s Co-founder and CEO.
The transaction is still subject to completion and approval by the appropriate authorities.
“I can’t wait to see what the future holds for us as we look to deliver our merged businesses, goods, and services to more clients, empowering the continent with trusted and reliable access to financial solutions,” said Laura Kennedy.