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Chipper Cash Investment Thesis

October 26, 2022 | Venture Fund

By ARK Invest

We offer our view of Chipper Cash because it is part of the total ARK Venture Fund portfolio. To see the most updated portfolio, please click here.

In 2021, approximately 605 million[1] Sub-Saharan Africans held registered mobile money accounts, up 17% from 517 million in 2020. In contrast, 340 million[1] Sub-Saharan Africans (30% of the population) used mobile internet in 2021, up 12% from 303 million (28%) in 2020. While we believe mobile money penetration growth will outpace that of mobile internet in the short-to-medium term, we believe that smartphone-oriented digital wallet apps will benefit from both catalysts, abstracting away banking and payment complications with a better UX than traditional mobile money interfaces.

Sub-Saharan Africans conducted nearly $700B[2] in transaction volume via mobile money accounts in 2021, up 40% from $500B in 2020. With approximately 1.17B Sub-Saharan Africans in total, we believe multiple digital wallet operators can win meaningful share of transaction volume as both mobile money penetration and mobile internet/smartphone penetration increase over the next decade.

We believe that digital wallet competition in Sub-Saharan Africa should accelerate consumer adoption of smartphones and digital wallets themselves as they demonstrate the convenience, cost-effectiveness, and safety of using digital wallets over cash or even mobile money.

While many digital wallet players in Sub-Saharan Africa focus on local adoption in one or more specific countries, Chipper Cash employs a more agnostic tech infrastructure that allows it to expand quickly into new countries. We believe Chipper’s time to market alongside its capital to fund customer acquisition costs across Africa should provide Chipper with an advantage over other fintech competitors.

Disclosures

We offer our view of Chipper Cash because it is part of the total ARK Venture Fund portfolio. To see the most updated portfolio, please click here.

BEFORE INVESTING YOU SHOULD CAREFULLY CONSIDER THE FUND’S INVESTMENT OBJECTIVES, RISKS, CHARGES AND EXPENSES. THIS AND OTHER INFORMATION IS IN THE PROSPECTUS, A COPY OF WHICH MAY BE OBTAINED HERE. PLEASE READ THE PROSPECTUS CAREFULLY BEFORE YOU INVEST.

There is no assurance that the Fund will meet its investment objective. The value of your investment in the Fund, as well as the amount of return you receive on your investment in the Fund, may fluctuate significantly. You may lose part or all of your investment in the Fund or your investment may not perform as well as other similar investments. Therefore, you should consider carefully the following risks before investing in the Fund.

ARK Investment Management LLC is the investment adviser to the ARK Venture Fund.

Foreside Fund Services, LLC, distributor.

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