Pan-African cryptocurrency exchange Yellow Card Financial has announced the completion of its US $40 million Series B investment round, which will allow the business to accelerate commercial growth, carry out its continental expansion, create new products, and strengthen key alliances.
Yellow Card has worked to make Bitcoin, Ethereum, Stablecoins, and other cryptocurrencies available to everyone in Africa since its inception in Nigeria in 2019. It now operates in 16 countries and just surpassed one million users.
After obtaining its US $40 million Series B round, Yellow Card, which had previously acquired US $15 million in Series A funding, is now preparing for faster expansion.
Yellow Card’s CEO and co-founder Chris Maurice said the rise was the consequence of everyone working tirelessly to achieve the same objective.
“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.
With the money, the firm will accelerate its expansion, penetrate additional African markets, create new products, and strengthen strategic alliances throughout 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.