Yellow Card, an African Cryptocurrency startup, has closed its Series C round after raising US$33 million from different investors led by Blockchain Capital.
- •Other investors in the round included Polychain Capital, Third Prime Ventures, Castle Island Ventures, Block, Inc., Galaxy Ventures, Blockchain Coinvestors, Hutt Capital, and Winklevoss Capital.
- •The funds will be channeled towards enhancing Yellow Card’s expansion across the continent, unveiling new products, and strengthening its stablecoin system.
- •As a licensed stablecoin in about 20 countries, Yellow Card enables its customers to cheaply trade USDT, USDC, and PYUSD using their local currencies, in its payments API – marking US$3 billion in transactions across Africa.
“This fundraise not only demonstrates our resilience, but also highlights the vital role of digital assets for businesses across Africa. 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,” said Chris Maurice, CEO and co-founder of Yellow Card.
Yellow Card was launched in Nigeria in 2019 and has raised total equity funding worth US$85 million since that period. The growing popularity of stablecoins and cryptocurrency in Africa has brought a flurry of blockchain investors seeking to augment this tech sector in Africa and merge it with the developed platforms found in the rest of the world.
Blockchain Capital, founded in 2013, affirmed its commitment to investing in stablecoins and crypto assets that will disrupt legacy businesses and promote new financial and growth models. It is now a reputable multi-stage investor and partner to some of Africa’s most ambitious crypto founders.
“The future of payments lies in fast, affordable rails for everyone, powered by open networks. We couldn’t be more excited to back Yellow Card as they bring Africa on-chain with stablecoins,” said Aleks Larsen, General Partner at Blockchain Capital.
Yellow Card is confident that investment into alternative modes of payment will further develop the fintech sector in Africa. Due to the globalized nature of crypto and stablecoins, the startup believes that this is the future of uninterrupted and seamless international trade.
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