Pan-African cryptocurrency exchange Yellow Card Financial has announced the close of its US$40 million Series B funding round, which will enable the company to drive exponential business growth, continue its expansion across the continent, develop new products, and advance strategic partnerships.
Since launching in Nigeria in 2019, Yellow Card has sought to make Bitcoin, Ethereum, Stablecoins, and other cryptocurrencies accessible to anyone in Africa. It is now active in 16 countries, and recently hit the one million user mark.
Yellow Card, which raised a US$15 million Series A last year, is now planning quicker growth after securing its US$40 million Series B round. The round was led by Polychain Capital, with participation from Valar Ventures, Third Prime, Sozo Ventures, Castle Island Ventures, Fabric Ventures, DG Daiwa Ventures, The Raba Partnership, Jon Weiner, Alex Wilson, Pat Duffy, and more.
Chris Maurice, CEO and co-founder of Yellow Card, said the raise was the result of relentless hard work towards a common goal.
“For the past three years, our team has worked tirelessly to make this technology accessible to anyone and create a world-class product. This fundraise, in the current market environment, not only showcases the resilience of our team, but also clearly demonstrates the appetite and necessity for cryptocurrency in Africa,” he said.
The company will use the funding to drive exponential business growth, expand into more African markets, develop new products, and advance strategic partnerships across the continent.
“Yellow Card is the best executing team on the continent. We are impressed by the way they seamlessly adjust and adapt to the unique opportunities and demands of the various African markets. We’ve barely touched the surface of what is possible when it comes to crypto in Africa, and we’re excited for what’s to come,” said Will Wolf, partner at Polychain Capital.