Yellow Card Raises $33 Million In Funding, Aims To Drive Global Expansion

Yellow Card Raises Funding: Yellow Card, the crypto platform in Africa, has raised $33 million in equity financing to fund growth and expansion, particularly through enhancing Yellow Card’s API and widget products. The funding brings to US$85 million in completed equity financings.

The 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.

Yellow Card Raises Funding

This new funding brings Yellow Card’s total equity funding to $85 million and marks a significant milestone in the company’s journey and the African fintech industry.

Chris Maurice, CEO and co-founder of Yellow Card emphasized the significance of this latest fundraise, stating:

 “This fundraiser not only demonstrates our resilience but also highlights the vital role of digital assets for businesses across Africa.  

Also, 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.” 

About Yellow Card

Launched in Nigeria in 2019, Yellow Card has established itself as a pioneering force in the industry, with operations spanning 20 African countries and over US$3 billion in transactions facilitated across the continent.

Yellow Card’s API and widget products are gateways for international businesses (including Coinbase and Block) to tap into African markets. They also help Pan-African companies to easily make international payments and manage their treasury via stablecoins. 

Additionally, Yellow Card is developing innovative new products for the continent, strengthening its team and systems, and continuing to lead engagement with regulators across the continent.

This financing reflects the level of confidence expressed in the business by both new and existing investors.

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Yellow Card Partnerships To Encourage Africans Store Values In Stablecoin

Yellow Card also today partnered with Alchemy Pay, a fiat-crypto payment gateway to enhance Alchemy Pay’s smoother transactions by utilizing widely adopted payment methods across Africa, reducing friction for users while offering more favorable fees and improved success rates. 

By leveraging Yellow Card’s payment API, Alchemy Pay is simplifying access to crypto assets and decentralized finance, making it easier for millions of people across Africa to engage with crypto securely and familiarly, ultimately contributing to the broader adoption of blockchain technologies on a global scale.

Additionally, Yellow Card’s recent partnership validates the progress of stablecoins in Africa and its practicality globally. 

Note that stablecoins, particularly, have become the center of utility in Africa’s crypto economy and this is because most African countries have highly volatile local currencies and limited access to the U.S. dollar.

This is pushing many Africans to store value by hedging against inflation and currency devaluation through stablecoins pegged to the dollar, such as USDT and USDC.

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