African cryptocurrency platform Yellow Card Financial has raised US$40 million in Series B funding led by Polychain Capital.
Other investors in the round included Valar Ventures, Third Prime Ventures, Sozo Ventures, Castle Island Ventures, Fabric Ventures, DG Daiwa Ventures, The Raba Partnership, and others.
The platform, which was first launched in Nigeria in 2019, now serves 16 countries with its latest additions being Gabon, Senegal, Rwanda, and the Democratic Republic of the Congo.
Since raising its US$15 million Series A in August 2021, the company has also launched a crypto cross-border transfer service and surpassed one million customers in March 2022.
“This fundraise in this market not only showcases the resilience of our team but also reiterates the appetite and necessity for cryptocurrency in Africa,”
said Chris Maurice, CEO and Co-Founder of Yellow Card.
“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,”
said Will Wolf, Partner at Polychain Capital.
