Yellow Card, a pan-African fintech startup, has raised US $33 million in Series C funding to support strategic initiatives and international expansion, bringing its total equity funding to US $85 million.
Yellow Card is now the biggest and first licensed stablecoin on/off ramp in Africa, having launched in Nigeria in 2019. It operates in 20 African nations and has facilitated more than $3 billion in transactions there.
Its US $40 million Series B funding round ended in September 2022, and it has since announced the closing of a US $33 million Series C round led by Blockchain Capital. Polychain Capital, Third Prime Ventures, Castle Island Ventures, Block, Inc., Galaxy Ventures, Blockchain Coinvestors, Hutt Capital, and Winklevoss Capital are also participating.
Specifically, the funds will be used to improve Yellow Card’s API and widget products, which serve as gateways for foreign companies like Coinbase and Block to access African markets and for Pan-African businesses to conveniently manage their treasury through stablecoins and make international payments.
Yellow Card is also bolstering its team and systems, creating revolutionary new products for the continent, and maintaining its leadership in interactions with regulators throughout 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.”
The future of payments, according to Aleks Larsen, general partner at Blockchain Capital, is in open networks that enable quick, inexpensive rails for all.
“We couldn’t be more excited to back Yellow Card as they bring Africa on-chain with stablecoins,” he said.
