African crypto startup Yellow Card has announced the successful closing of its Series C financing raising $33 million in the process.
The funding round was led by Blockchain Capital and supported by prominent investors including Polychain Capital, Third Prime Ventures, Castle Island Ventures, Block, Inc., Galaxy Ventures, Blockchain Coinvestors, Hutt Capital, and Winklevoss Capital.
The recent funding round by Yellow Card brings its total equity financing to $85 million marking a significant step for Yellow Card and the African Fintech ecosystem.
Yellowcard is one of the crypto platforms where Nigerians and Africans can purchase Bitcoin, Ethereum, and Tether using their local currencies.
Chris Maurice the CEO of Yellowcard reacted to the latest fundraising highlighting its significance and what it means for the company.
“This fundraiser 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.”
The funding for Yellowcard by many venture capital firms signifies the valuation of the company by these VC firms and how important they think their work is.
General Partner at Blockchain Capital, Aleks Larsen, commented on the fundraising event expressing his confidence in Yellow Card’s mission.
“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,” he said
Yellow Card is fast becoming a household name in the African crypto space and receiving more money for expansion would only deepen its penetration in the African and Global markets.
The platform was incepted in Nigeria in 2019 and currently operates in 20 countries in the continent facilitating over $3 billion in transactions.
image credit: African Business Communities