Pan-African cryptocurrency exchange Yellow Card has announced the closure of a $33 million Series C funding round to expand Stablecoin solutions across Africa.
The financing 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.
The funding marks a significant milestone not only for Yellow Card but also for the African Fintech ecosystem, validating the growing role of stablecoins across the continent and their broader global applications.
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Speaking on the recent funds raised, CEO and Co-founder Chris Maurice expressed excitement, noting that the investments not only demonstrate YellowCard’s resilience in transforming the future of payments but also highlight the vital role of digital assets for businesses across Africa.
In his words,
“This fundraise 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 am proud to work with an incredible cohort of investors that share our vision for the industry and the continent”.
Also commenting, General Partner at Blockchain Capital Aleks Larsen said, “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, which self-describes itself as the largest and first licensed stablecoin platform in Africa, has two main products; the core on-and-off-ramp and the API suite, which the CEO describes as “Africa-as-a-service”. The API suite integrates Africa’s banking and mobile money infrastructure
With the recent funds raised, the company will now look to tap more into the opportunities the technology provides by improving its flagship product and API (which has a widget built on top of it. This serves as a gateway for international companies like Coinbase and Block to tap into African markets. The company also disclosed plans to use the funds to strengthen its team, and systems, and continue to lead engagement with regulators across the continent.
Since launching in Nigeria in 2019, Yellow Card has grown into a pioneering force within the industry, operating in 20 African countries and facilitating over $3 billion in transactions. Initially serving retail customers, the Pan-African cryptocurrency exchange has pivoted its focus after recognizing the high costs associated with small retail transactions. Also, the company has since raised its minimum transaction amounts to prioritize businesses, allowing it to work more effectively with around 30,000 businesses across Africa and internationally, providing payments and treasury management solutions primarily through stablecoins.
YellowCard CEO Maurice, says the utility of stablecoins and demand for its technology from businesses moving larger sums has contributed to the company’s transaction volumes surging from $1.7 billion early last year to over $3 billion. As a result, the company’s revenue, which it earns via spread between currency prices, has increased sevenfold since January 2023, now “Well into eight figures.”
“What’s majorly driving adoption for us is utility. Stablecoins are useful. People need them,” remarked the CEO. “They solve problems for people and businesses. People are adopting this technology because they need it. This is not a speculation use case. It’s a utility use case.”
Yellow Card remains committed to empowering African businesses of all sizes by offering seamless international payments and access to stablecoin liquidity, as it continues to lead the charge in bringing Africa on-chain.