Yellow Card raises US$33M Series C funding for growth and expansion

Yellow Card, an African Cryptocurrency startup, has closed its Series C round after raising US$33 million to enhance operations and drive expansion. This funding round was led by Blockchain Capital, with participation from Polychain Capital and Third Prime Ventures. Other investors in the round included Castle Island Ventures, Block, Inc., Galaxy Ventures, Blockchain Coinvestors, Hutt Capital, and Winklevoss Capital.

“This fundraise demonstrates our resilience, but also highlights the vital role of digital assets for businesses across Africa. We are excited about the opportunities, partnerships, and journey ahead; and I’m proud to work with an incredible cohort of investors that share our vision for the industry and the continent,” said Chris Maurice, CEO and co-founder of Yellow Card.

The funds will be used to drive Yellow Card’s expansion efforts while enhancing its technology offerings, particularly its API and widget tools. These solutions are designed to provide both African businesses and international companies seamless access to the continent’s financial markets, boosting cross-border trade and payments.

Yellow Card was launched in Nigeria in 2019 and has processed over $3 billion in transactions across 20 African countries and total equity funding worth US$85 billion since that period. The growing popularity of stablecoins and cryptocurrency in Africa has brought a flurry of blockchain investors seeking to augment the tech sector in Africa and merge it with the developed platforms found in the rest of the world.

Blockchain Capital, founded in 2013, affirmed its commitment to investing in stablecoins and crypto assets that will disrupt legacy businesses and promote new financial and growth models.

“The future of payments lies in fast, affordable rails for everyone, powered by open networks. We couldn’t be more excited to back Yellow Card as they bring Africa on-chain with stablecoins,” said Aleks Larsen, General Partner at Blockchain Capital.

Due to the globalized nature of crypto and stablecoins, the Yellow Card team believe that this is the future of uninterrupted and seamless international trade.