Yellow Card, an African cryptocurrency startup, has successfully closed its Series C round, raising US$33 million from various investors, with Blockchain Capital leading the round.
Other participants included Polychain Capital, Third Prime Ventures, Castle Island Ventures, Block, Inc., Galaxy Ventures, Blockchain Coinvestors, Hutt Capital, and Winklevoss Capital. The funds will be directed towards boosting Yellow Card’s expansion across the continent, launching new products, and reinforcing its stablecoin system. Yellow Card Cryptocurrency Africa
As a licensed stablecoin provider in approximately 20 countries, Yellow Card allows its customers to trade USDT, USDC, and PYUSD at low costs using their local currencies through its payments API, which has facilitated US$3 billion in transactions throughout Africa. “This fundraise not only 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,” stated Chris Maurice, CEO and co-founder of Yellow Card.
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Founded in Nigeria in 2019, Yellow Card has raised a total of US$85 million in equity funding since its inception. The rising interest in stablecoins and cryptocurrency in Africa has attracted a surge of blockchain investors intent on enhancing this tech sector in Africa and integrating it with established platforms globally.
Blockchain Capital, established in 2013, has reiterated its commitment to investing in stablecoins and crypto assets that have the potential to disrupt traditional business models and foster new financial and growth strategies. The firm has become a distinguished multi-stage investor and a partner to some of Africa’s most ambitious crypto entrepreneurs.
“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,” remarked Aleks Larsen, General Partner at Blockchain Capital.
Yellow Card believes that investing in alternative payment methods will further advance the fintech sector in Africa. Given the global nature of cryptocurrency and stablecoins, the startup envisions this approach as the future of seamless and uninterrupted international trade. Yellow Card Cryptocurrency Africa
