Pan-African fintech startup Yellow Card has raised US$33 million in Series C funding to drive its global expansion and strategic initiatives, bringing its total equity funding to US$85 million.
Since its launch in Nigeria in 2019, Yellow card has become the largest and first licensed Stablecoin on/off ramp on the African continent. It has operations in 20 African countries and over $3 billion in transactions facilitated across the continent.
In September 2022, it announced the closure of its US$40 million Series B roundand has now followed up with a US$33 million Series C round, led by Blockchain Capital, with participation from Polychain Capital, Third Prime Ventures, Castle Island Ventures, Block, Inc., Galaxy Ventures, Blockchain Coinvestors, Hutt Capital, and Winklevoss Capital.
The capital will be used to fund growth and expansion, including enhancing Yellow Card’s API and widget products – the gateways for international businesses including Coinbase And Block to access African markets and for Pan-African businesses to easily make international payments and manage their cash flow via stablecoins.
Additionally, Yellow Card is developing innovative new products for the continent, strengthening its team and systems and continuing to lead engagement with regulators across the continent.
“This fundraising 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 am proud to work with an incredible cohort of investors who share our vision for the industry and the continent.
Aleks Larsen, general partner at Blockchain Capital, said the future of payments lies in fast, affordable rails for everyone, powered by open networks.
“We couldn’t be more excited to support Yellow Card as they onboard Africa with stablecoins,” he said.