Yellow Card Financial, the Pan-African cryptocurrency change, has introduced the shut of its $40M Series B funding. The spherical was led by Polychain Capital, with participation from Valar Ventures, Third Prime Ventures, Sozo Ventures, Castle Island Ventures, Fabric Ventures, DG Daiwa Ventures, The Raba Partnership, Jon Weiner, Alex Wilson, Pat Duffy, and extra.
The funding will allow the corporate to drive exponential enterprise progress, proceed its profitable growth throughout the continent, develop new product improvements, and advance strategic partnerships throughout Africa.
Chris Maurice, CEO and co-founder of Yellow Card, says that this increase is the product of relentless exhausting work in direction of a typical aim.
“For the past three years, our team has worked tirelessly to make this technology accessible to anyone and create a world-class product. This fundraise in this market not only showcases the resilience of our team but also reiterates the appetite and necessity for cryptocurrency in Africa,” mentioned Chris.
Since launching in Nigeria in 2019 the crew, primarily based throughout 21 international locations, has sought to make Bitcoin, Ethereum, Stablecoins, and different cryptocurrencies accessible to anybody in Africa.
In August 2021, Yellow Card introduced its Series A fundraising of $15M. Since then the crew has achieved important milestones together with:
- Growing from 12 to 16 international locations, launched in: Gabon, Senegal, Rwanda, and the Democratic Republic of the Congo;
- Making important hires: Alice Tomdio, Chief Financial Officer; Craig Stoehr, General Counsel and Micha Katz, Chief Information Security Officer;
- Granting inventory choices to each full-time worker;
- Launching Yellow Pay, a crypto-powered strategy to ship worth throughout borders;
- Surpassing 1 million clients in March.
The significance of this increase, particularly in a down market, undoubtedly displays the extent of enterprise confidence expressed by new and present traders.
“Yellow Card is the best executing team on the continent. We are impressed by the way they seamlessly adjust and adapt to the unique opportunities and demands of the various African markets. We’ve barely touched the surface of what is possible when it comes to crypto in Africa, and we’re excited for what’s to come,” mentioned Will Wolf, Partner at Polychain Capital.
Yellow Card is dedicated to persevering with its mission to create monetary inclusion for all by numerous actions throughout the continent.