Yellow Card, the first licensed stablecoin on/off ramp in Africa, has successfully closed its Series C financing, securing US $33 million in equity funding. The financing round was led by Blockchain Capital, with significant contributions from several prominent investors, including Polychain Capital, Third Prime Ventures, Castle Island Ventures, Block, Inc., Galaxy Ventures, Blockchain Coinvestors, Hutt Capital, and Winklevoss Capital. This milestone not only underscores the company’s growth trajectory but also highlights the expanding potential of the African fintech industry as a whole.
This funding round represents a critical validation of Yellow Card’s vision for stablecoins and their practical applications across the continent and beyond. Chris Maurice, CEO and co-founder of Yellow Card, expressed his excitement about the future, stating, “This fundraise not only demonstrates our resilience but also highlights the vital role of digital assets for businesses across Africa.” He emphasized the importance of the support from an incredible cohort of investors who share the company’s vision for the industry and the continent.
Since its inception in Nigeria in 2019, Yellow Card has emerged as a pioneering leader in the fintech landscape, operating in 20 African countries and facilitating over US$3 billion in transactions. The company’s commitment to democratizing access to digital assets has positioned it as a key player in the evolving financial ecosystem in Africa. This newly secured capital will be instrumental in fueling Yellow Card’s growth and expansion strategies.
The funds will primarily focus on enhancing Yellow Card’s API and widget products, which are essential for seamless integration with various platforms. Additionally, the company plans to innovate further by developing new products tailored for the African market. By strengthening its team and operational systems, Yellow Card aims to maintain its leadership role while continuing to engage proactively with regulators across the continent.
Aleks Larsen, General Partner at Blockchain Capital and lead investor in this financing round, remarked on the transformative potential of digital payments, stating, “The future of payments lies in fast, affordable rails for everyone, powered by open networks.” His enthusiasm reflects the growing belief in Yellow Card’s mission to bring Africa on-chain with stablecoins, enhancing financial inclusion and economic growth.
This Series C financing round not only demonstrates strong confidence from both new and existing investors but also reinforces the critical role of digital assets in reshaping the future of finance in Africa. With its innovative approach and robust backing, Yellow Card is poised to drive significant change in the fintech space and beyond.
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