African fintech firm Chipper Cash achieved its first quarter of positive free cash flow in the fourth quarter of 2025, marking a key milestone for one of the continent’s scaled payments platforms amid persistent economic challenges.
Ham Serunjogi, co-founder and chief executive announced the development in a LinkedIn post, attributing the result to disciplined execution and efficiency gains despite significant headwinds.
“In Q4 2025, Chipper achieved an important milestone: our first ever quarter of positive Free Cash Flow,” Serunjogi wrote.
He described the accomplishment as particularly challenging for a company with hundreds of employees across the globe.
Between 2022 and 2025, the Nigerian naira depreciated by more than 70 percent against the U.S. dollar, creating what Serunjogi called a massive operational gap that the company had to overcome through cost controls and operational discipline.
Nigeria remains a core market for Chipper Cash, contributing substantial revenue through remittances, domestic payments, and demand for U.S. dollar virtual cards, especially as local users navigated restrictions on international transactions.
The company, founded in 2018 by Serunjogi, who is Ugandan, and Maijid Moujaled, who is Ghanaian, offers instant, low-cost peer-to-peer transfers, remittances, bill payments, and virtual U.S. dollar cards.
It connects users across several African countries, the United States, and the United Kingdom.Chipper Cash previously reached a valuation of more than $2 billion following funding rounds that raised hundreds of millions of dollars from investors including Ribbit Capital, Bezos Expeditions, and an extension led by FTX in 2021.
The firm has since prioritized sustainability over rapid expansion.Serunjogi highlighted that reaching positive free cash flow, where operating revenue covers day-to-day expenses, required some of the most difficult decisions in our history, including team restructurings over the past two years to secure long-term viability.
“I am deeply grateful to every member of the Chipper team for their remarkable hard work and grit. This is a direct result of their dedication, proving that we can build a durable institution that will serve the continent for decades to come,” he added.
The company did not disclose specific figures for the quarter’s free cash flow.The milestone comes during a difficult period for many African fintech companies, which have faced funding slowdowns, macroeconomic pressures, and currency volatility.
Chipper Cash’s achievement as a rare positive signal in a sector where several firms have struggled to shift from cash-burn models to sustainable operations.
Strong demand for virtual dollar cards has provided a key revenue driver, enabling users to access global spending options amid local foreign exchange constraints.
As Africa’s digital economy continues to evolve amid currency fluctuations and regulatory shifts, Chipper Cash’s turnaround illustrates the potential for disciplined players to build resilience.