Yellow Card Financial, the pan-African cryptocurrency exchange, has announced the closing of its $40 million Series B funding. The round was led by Polychain Capital, with participation from Valar Ventures, Third Prime Ventures, Sozo Ventures, Castle Island Ventures, Fabric Ventures, DG Daiwa Ventures, The Raba Partnership, Jon Weiner, Alex Wilson, Pat Duffy and others.
The funding will enable the company to drive exponential business growth, continue its successful expansion across the continent, develop new product innovations and advance strategic partnerships across Africa.
Chris Maurice, CEO and co-founder of Yellow Card, says this pay rise is the result of tireless hard work towards a common goal.
“For the past three years, our team has worked tirelessly to make this technology accessible to everyone and create a world-class product. This fundraiser in this market not only demonstrates the resilience of our team, but also reaffirms the appetite and need for cryptocurrency in Africa,” said Chris.
Since launching in Nigeria in 2019, the team, based in 21 countries, has tried to make Bitcoin, Ethereum, stablecoins and other cryptocurrencies accessible to everyone in Africa.
In August 2021, Yellow Card announced its $15 million Series A fundraiser. Since then, the team has achieved significant milestones, including:
- Grown from 12 to 16 countries, launched in: Gabon, Senegal, Rwanda and the Democratic Republic of the Congo;
- Significant hires: Alice Tomdio, Chief Financial Officer; Craig Stoehr, general counsel and Micha Katz, chief information security officer;
- granting stock options to each full-time employee;
- Introducing Yellow Pay, a crypto-backed way to send value across borders;
- Over 1 million customers in March.
The significance of this increase, particularly in a declining market, no doubt reflects the business confidence expressed by new and existing investors.
“Yellow Card is the best performing team on the continent. We are impressed with the way they adapt and adapt seamlessly to the unique opportunities and requirements of the different African markets. We’ve barely touched the surface of what’s possible when it comes to crypto in Africa, and we’re excited for what’s to come,” said Will Wolf, Partner at Polychain Capital.
Yellow Card is committed to continuing its mission of creating financial inclusion for all through various activities across the continent.