Yellow Card, a leading Pan-African fintech startup, has successfully raised $33 million in a Series C funding round to drive its global expansion and strategic growth initiatives. This latest capital injection brings the company’s total equity funding to $85 million since its inception.
A Leader in Africa’s Stablecoin Market
Since its launch in Nigeria in 2019, Yellow Card has rapidly become the largest and first licensed Stablecoin on/off-ramp provider on the African continent. Operating in 20 African countries, the company has facilitated over $3 billion in transactions, cementing its leadership in the region’s digital asset landscape.
Series C Funding: Major Backers
This new Series C funding round follows Yellow Card’s $40 million Series B, which was announced in September 2022. The $33 million Series C round was led by Blockchain Capital, with significant participation from Polychain Capital, Third Prime Ventures, Castle Island Ventures, Block, Inc., Galaxy Ventures, Blockchain Coinvestors, Hutt Capital, and Winklevoss Capital.
The raised capital will primarily be directed toward accelerating Yellow Card’s growth and expansion. Key focus areas include enhancing its API and widget products—tools that allow international businesses such as Coinbase and Block to access African markets. Plus, these products will enable Pan-African companies to easily handle international payments and treasury management using stablecoins.
Developing New Products and Engaging with Regulators
Alongside its expansion, Yellow Card is investing in developing innovative financial products specifically tailored to the African market. The company is also strengthening its team and systems to meet the growing demands of the business. Additionally, Yellow Card continues to engage with regulators across the continent to ensure it leads the way in compliance and regulatory standards.
Chris Maurice, CEO and co-founder of Yellow Card, expressed his excitement about the future, emphasizing the crucial role that digital assets play in African businesses.
“This fundraise not only demonstrates our resilience, but also highlights the vital role of digital assets for businesses across Africa,” Maurice stated. “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.”
Aleks Larsen, General Partner at Blockchain Capital, reiterated his belief in Yellow Card’s mission and the future of digital payments across Africa.
“We couldn’t be more excited to back Yellow Card as they bring Africa on-chain with stablecoins. The future of payments lies in fast, affordable rails for everyone, powered by open networks,” said Larsen.
Looking Ahead
With this new funding, Yellow Card is well-positioned to further its mission of transforming Africa’s digital finance landscape. By creating accessible payment solutions and engaging with regulators, Yellow Card is poised to continue its leadership in the continent’s fintech revolution.
