Yellow Card Financial, a cryptocurrency exchange focusing on Africa, has announced the successful completion of its $40 million Series B investment round. Polychain Capital mostly financed this round. The Raba Partnership, Jon Weiner, Alex Wilson, Pat Duffy, DG Daiwa Ventures, Sozo Ventures, Castle Island Ventures, Fabric Ventures, and many others also contributed. The series B funding comes about a year after the firm’s series A funding.
Where the money goes and Yellow Card’s mission
As a result of this investment, the company will be able to create new product innovations, expand its operations across Africa, strengthen existing strategic alliances, and drive exponential development in the business. The CEO of Yellow Card, Chris Maurice, has stated that this fundraising event further confirms the demand and interest in cryptocurrencies in Africa.
Launched in 2019, Yellow Card is a Pan-African cryptocurrency payment platform with offices in 21 countries. In March of 2022, it reached 1 million users and has also introduced Yellow Pay, a cryptocurrency-based mode of international money transfer. Additionally, the company has also provided stock options to all full-time workers.
In August of 2021, the firm hosted a Series A investment event, during which they raised $15 million. Even in a declining market, the magnitude of this most recent capital infusion is indicative of the optimism with which both new and established investors view the company’s prospects. Including this round, Yellow Card has now raised $57 million, making it the most successful African cryptocurrency startup.
As the global crypto market continues to struggle, emerging markets are proving essential to growth. Furthermore, some VCs and angel investors have seen the opportunity to invest when the market is in a bear run because of the significantly lower valuation. With a user base exceeding 1 million, Yellow Card has a strong foundation to continue expanding and attracting more investors.