Crypto startup Yellow Card has announced the successful closing of its Series C financing, raising $33 million. The funding round was led by Blockchain Capital and supported by prominent investors including Polychain Capital, Third Prime Ventures, Castle Island Ventures, Block, Inc., Galaxy Ventures, Blockchain Coinvestors, Hutt Capital, and Winklevoss Capital.
This new funding brings Yellow Card’s total equity financing to $85 million and marks a significant milestone in both the company’s journey and Africa’s fintech industry. Founded in 2019 in Nigeria, Yellow Card has become a pioneer in the continent’s crypto space, operating in 20 countries and facilitating over $3 billion in transactions.
With this capital, Yellow Card plans to enhance its API and widget products, which serve as gateways for international businesses to access African markets. The company is shifting its focus towards business customers, recognizing that they benefit most from the technology. CEO Chris Maurice emphasized the importance of stablecoins in Africa, where local currencies are often volatile, making stablecoins like USDT and USDC essential for users looking to hedge against inflation.
The funds will also support the development of innovative solutions tailored for Africa, strengthen the team, and continue engagement with regulators across the continent. As stablecoins gain traction, Yellow Card aims to lead the charge in integrating these digital assets into everyday financial transactions in Africa.
Yellow Card’s latest fundraising not only highlights the growing importance of cryptocurrencies in emerging markets but also demonstrates the potential for digital assets to transform financial systems where traditional banking infrastructure is lacking. As the company moves forward with its ambitious plans, it stands poised to play a crucial role in shaping Africa’s crypto landscape.
