Chipper Cash insisted the fintech owners had never considered selling the business. siliconvalleybank fundingseries
Meanwhile, the shutdown of SVB by U.S. authorities is reported to have fueled speculation that Chipper Cash — a client of SVB — would be hard hit by the bank’s demise. However, in a statement sent to Bloomberg, Chipper Cash insisted that the owners had never considered selling the business.
“It’s been fairly common practice for us to receive various M&A proposals from different parties, which we evaluate to varying degrees. That being said, we have never sought to be acquired,” the fintech reportedly said.to stakeholders, Chipper Cash co-founder and CEO Ham Serunjogi claimed the fintech unicorn had insignificant exposure to both SVB and Signature Bank. At the time of SVB’s collapse, Chipper Cash had about $1 million held at the bank.
Serunjogi also sought to downplay SVB’s perceived influence on the fintech by pointing to the collapsed bank’s shareholding in Chipper Cash. “SVB wasn’t the only investor in that round – we had several other new and existing investors participate in the $100m round – and SVB owns a very small part of Chipper ~2%. Chipper is very fortunate to have a very broad and supportive investor base that has supported us from our earliest days and continues to do so today,” the CEO said.Tags in this story
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