Pan-African fintech startup Yellow Card has raised US$33 million in Series C funding to drive global expansion and strategic initiatives, taking its total equity funding to US$85 million.
Since launching in Nigeria in 2019, Yellow Card has become the largest and first licensed Stablecoin on/off ramp on the African continent. It has operations spanning 20 African countries and over US$3 billion in transactions facilitated across the continent.
In September 2022 it announced the close of its US$40 million Series B funding round, and it has now followed that up with a US$33 million Series C round, led by Blockchain Capital, with participation from Polychain Capital, Third Prime Ventures, Castle Island Ventures, Block, Inc., Galaxy Ventures, Blockchain Coinvestors, Hutt Capital, and Winklevoss Capital.
The capital will be applied to fund growth and expansion, particularly through enhancing Yellow Card’s API and widget products – the gateways for international businesses including Coinbase and Block to tap into African markets and for 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 fundraise not only demonstrates our resilience, but also highlights the vital role of digital assets for businesses across Africa,” said Chris Maurice, CEO and co-founder of Yellow Card. “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.”
Aleks Larsen, general partner at Blockchain Capital, said 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,” he said.
