Yellow Card, the largest and first licensed stablecoin on/off ramp in Africa, has announced the successful closing of its Series C financing round, securing $33 million in equity funding. The round was led by Blockchain Capital, with participation from notable investors such as Polychain Capital, Third Prime Ventures, Castle Island Ventures, Block, Inc., Galaxy Ventures, Blockchain Coinvestors, Hutt Capital, and Winklevoss Capital.
This significant milestone marks a pivotal moment not only for Yellow Card but also for the African fintech industry, underscoring the growing role of stablecoins in Africa’s financial landscape and the broader applications of blockchain technology worldwide.
“This fundraise 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’m proud to work with an incredible cohort of investors that share our vision for the industry and the continent.”
Launched in Nigeria in 2019, Yellow Card has rapidly expanded its operations to 20 African countries and has facilitated over $3 billion in transactions across the continent. With this new capital, the company aims to enhance its API and widget products, which serve as gateways for international businesses like Coinbase and Block to tap into African markets. The funds will also support Pan-African companies in making international payments and managing their treasury via stablecoins.
In addition to improving its existing products, Yellow Card plans to develop innovative solutions for the continent, bolster its team, and strengthen engagement with regulators across Africa.
Aleks Larsen, General Partner at Blockchain Capital, the lead investor in the Series C round, emphasized the significance of the investment. “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.”
Yellow Card’s mission is to empower businesses of all sizes across Africa by providing secure and cost-effective methods to make international payments, manage treasury functions, and access hard currency liquidity via stablecoins.
With operations spanning 20 countries and a commitment to revolutionizing financial systems in Africa, Yellow Card continues to lead the charge in bringing modern financial infrastructure to the continent.