Yellow Card, the crypto platform in Africa, has raised $33 million equity financing to fund growth and expansion, particularly through enhancing Yellow Card’s API and widget products. The funding brings to US$85 million in completed equity financings.
The round was 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.
“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 established itself as a pioneering force in the industry, with operations spanning 20 African countries and over US$3 billion in transactions facilitated across the continent.
Yellow Card’s API and widget products are gateways for international businesses (including Coinbase and Block) to tap into African markets. They also help Pan-African companies to easily make international payments and manage their treasury 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 financing reflects the level of confidence expressed in the business by both new and existing investors.
Yellow Card remains steadfast in its commitment to empowering the continent by making it easy for businesses of all sizes to make international payments, manage their treasury, and access hard currency liquidity via stablecoins.
“The future of payments lies in fast, affordable rails for everyone, powered by open networks,” said Aleks Larsen, General Partner at Blockchain Capital, the lead investor in Yellow Card’s Series C financing. “We couldn’t be more excited to back Yellow Card as they bring Africa on-chain with stablecoins.”
Yellow Card also today partnered with Alchemy Pay, a fiat-crypto payment gateway to enhance Alchemy Pay’s smoother transactions by utilizing widely adopted payment methods across Africa, reducing friction for users while offering more favorable fees and improved success rates.
By leveraging Yellow Card’s payment API, Alchemy Pay is simplifying access to crypto assets and decentralized finance, making it easier for millions of people across Africa to engage with crypto in a secure and familiar way, ultimately contributing to the broader adoption of blockchain technologies on a global scale.
The partnership will make it easier for users in countries such as Botswana, Cameroon, Rwanda, South Africa, Uganda, and Zambia to purchase crypto and access the benefits of decentralized finance through local currencies like BWP, XAF, RWF, ZAR, UGX, and ZMW.