Yellow Card, a leading pan-African fintech startup, has successfully raised $33 million in a Series C funding round aimed at driving its expansion across the continent. Since its inception in Nigeria in 2019, the company has established itself as the largest and first licensed Stablecoin on/off ramp in Africa, facilitating over $3 billion in transactions across 20 countries.
The latest funding round was led by Blockchain Capital, with contributions from notable investors including Polychain Capital, Third Prime Ventures, Castle Island Ventures, Block, Inc., Galaxy Ventures, Blockchain Coinvestors, Hutt Capital, and Winklevoss Capital. This follows Yellow Card’s previous success in securing $40 million in a Series B round in September 2022.
The newly acquired capital will be utilized to enhance Yellow Card’s API and widget products, which serve as crucial gateways for international firms like Coinbase and Block to enter African markets. These developments will enable Pan-African companies to execute international payments and manage treasury operations more effectively using stablecoins.
In addition to product enhancement, Yellow Card plans to introduce innovative solutions tailored for the continent, strengthen its operational team, and maintain active engagement with regulators across Africa.
“This fundraising not only underscores our resilience but also emphasizes the crucial role of digital assets for businesses throughout Africa,” stated Chris Maurice, CEO and co-founder of Yellow Card. “We are excited about the opportunities and partnerships that lie ahead, and I am proud to collaborate with a remarkable group of investors who share our vision for the industry and the continent.”
Aleks Larsen, general partner at Blockchain Capital, echoed this sentiment, noting that the future of payments hinges on accessible and affordable networks. “We are thrilled to support Yellow Card as they work to integrate Africa into the blockchain ecosystem through stablecoins,” he remarked.
