Yellow Card, a Nigerian cryptocurrency exchange, has secured $15 million in Series A investment to expand its employment and expand beyond Africa.
Yellow Card, which was launched in 2018, allows anybody in Africa to acquire cryptocurrencies such as Bitcoin, Ethereum, and USDT Stablecoin using cash, mobile money, a credit card, or a bank transfer.
Since the commencement of the COVID-19 epidemic, the firm has grown to have a presence in 12 African nations, with a roughly 30X increase in consumers. Its Series A financing round will be used to grow the company’s operations and staff, which now numbers 110 people.
Square, Blockchain.com Ventures, Coinbase Ventures, Polychain Capital, BlockFi, Fabric Ventures, Raba Partnership, MoonPay, GreenHouse Capital, and others participated in the US$15 million round led by Valar Ventures, Third Prime, and Castle Island Ventures, with participation from Square, Blockchain.com Ventures, Coinbase Ventures, Polychain Capital, BlockFi, Fabric Ventures, Raba Partnership, MoonPay, GreenHouse Capital, and others.
“Our mission has always been to make cryptocurrency accessible anywhere and everywhere across the African continent. Now, we have the backing to make that a reality, alongside an amazing team of investors who share our vision,” said Chris Maurice, co-founder and chief executive officer (CEO) of Yellow Card.
Africa, according to James Fitzgerald of Valar Ventures, is well-positioned to profit from cryptocurrency’s potential to change financial services.
“We believe in Yellow Card’s vision of a pan-African cryptocurrency platform. What cemented the deal is their multi-national team, which we believe has the local knowledge, technical expertise, and unequivocal passion to address the basic financial services needs of the continent,” he said.
