Yellow Card, the pioneering stablecoin platform, has successfully closed its Series C financing round, raising $33m.
According to Intelligent CIO, this investment was led by Blockchain Capital and saw contributions from notable firms including Polychain Capital, Third Prime Ventures, Castle Island Ventures, Block, Inc., Galaxy Ventures, Blockchain Coinvestors, Hutt Capital, and Winklevoss Capital.
This funding milestone reflects growing confidence in the African FinTech industry and underscores the potential of stablecoins to revolutionise financial interactions on the continent. Yellow Card’s influence extends across 20 African countries since its inception in Nigeria in 2019, where it has facilitated over $3 billion in transactions.
The fresh influx of capital will primarily fund the enhancement of Yellow Card’s API and widget products. These tools are crucial for international businesses, including industry giants like Coinbase and Block, to access African markets and manage international payments efficiently. The funding will also support the development of new products tailored for the African market, the strengthening of operational systems, and ongoing regulatory engagement across the continent.
Yellow Card is determined to remain at the forefront of payment innovations in Africa, enabling businesses of all sizes to make international payments, manage their treasury, and access hard currency liquidity through stablecoins.
Chris Maurice, CEO and co-founder of Yellow Card, expressed his enthusiasm about the future, stating, “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’m proud to work with an incredible cohort of investors that share our vision for the industry and the continent.”
Aleks Larsen, General Partner at Blockchain Capital, emphasized the transformative impact of Yellow Card, saying, “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.”
Prior to this round, Yellow Card has been a notable recipient of funding, cumulatively reaching $85 million in equity financing through various rounds.
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