Yellowcard, the largest and first licensed stablecoin on/off ramp on the African continent, today announced the closing of its Series C funding. The $33 million equity raise 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 funding is an important milestone for the company and the African fintech industry as a whole, validating the vision and progress of stablecoins on the African continent and the practical application of the technology around the world.
This funding not only demonstrates our resilience but also highlights the critical role of digital assets for businesses across Africa. We are excited about the opportunity, the partnership, and what lies ahead. And we are proud to work with an incredible group of investors who share our vision for the industry and the continent.
Chris Morris, Yellowcard CEO and Co-Founder
Since its founding in Nigeria in 2019, Yellow Card has established itself as an industry pioneer, operating across 20 African countries and facilitating over US$3 billion in transactions across Africa.
This newly secured funding will, among other things, strengthen Yellow Card’s API and widget product, which is a gateway for international companies (including Coinbase and Block) to enter African markets and for pan-African companies to easily make international payments. The funds will be used for growth and expansion through the fund. Manage your finances via stablecoins. Additionally, Yellow Card continues to develop innovative new products for the continent, strengthen its team and systems, and lead engagement with regulatory authorities across the continent.
This funding reflects the level of confidence expressed in the business by both new and existing investors.
The future of payments lies in fast, affordable rails powered by open networks and available to everyone. We couldn’t be more excited to support Yellowcard as they bring Africa on-chain with their stablecoin.
Aleks Larsen, Blockchain Capital General Partner and Lead Investor in Yellow Card’s Series C Financing
Yellow Card remains steadfast in its commitment to empowering the continent by enabling businesses of all sizes to make international payments, manage their finances and access foreign currency liquidity through stablecoins. Masu.
