Pan-African cryptocurrency exchange Yellow Card Financial has raised $40m for its Series B funding round.
Polychain Capital, a San Francisco-based venture capital firm, served as the lead investor.
Valar Ventures, Third Prime Ventures, Sozo Ventures, Castle Island Ventures, Fabric Ventures, DG Daiwa Ventures, The Raba Partnership, Jon Weiner, Alex Wilson and Pat Duffy, also joined the round.
This capital injection will drive business growth and support development across the continent. The pan-African cryptocurrency exchange also plans to develop new product innovations and advance strategic partnerships.
Since its launch in Nigeria in 2019, its team aims to make bitcoin, Ethereum, stablecoins and other cryptos accessible to anyone in Africa.
The Yellow Card platform allows people to buy and sell crypto online through various payment options. Its mobile app makes it simple to trade digital coins. The pan-African cryptocurrency exchange also helps track payments
Yellow Card CEO and co-founder Chris Maurice said, “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.”
The FinTech company previously raised $15m in its Series A round in late 2021.
Since then, it has launched in Gabon, Senegal, Rwanda, and the Democratic Republic of the Congo.
It has granted stock options to all full-time employees, surpassed one million customers and made several key hires.
The company also launched Yellow Pay, a crypto-powered way to send value across borders.
Earlier in the year, Nigerian B2B payments platform Duplo raised $4.3m in its seed funding round. The company offers an end-to-end solution that automates the back-office processes of generating and processing invoices, receiving and approving bills, collecting and disbursing funds and completing account reconciliation.
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