A $40 million Series B funding round has been secured by Yellow Card Financial, a pan-African cryptocurrency exchange. Polychain Capital was the driving force behind the funding round, which included contributions from Valar Ventures, Third Prime Ventures, Sozo Ventures, Castle Island Ventures, Fabric Ventures, DG Daiwa Ventures, The Raba Partnership, Jon Weiner, Alex Wilson, Pat Duffy, and several other people.
With this money, the company will be able to come up with new ideas for products, continue to grow successfully across the continent, grow its business at an exponential rate, and build critical alliances across the continent.
Chris Maurice, CEO and co-founder of Yellow Card, says that this increase is because everyone worked hard to reach a common goal. He stated, “Over the past three years, our team has worked tirelessly to make this technology available to everyone and to develop a product that is on par with the best in the world.” This fundraiser in this market shows how strong our team is, how much Africa needs cryptocurrencies, and how important it is to have them.
Since the start of operations in Nigeria in 2019, the team, which is now spread across 21 nations, has been working toward making Bitcoin, Ethereum, Stablecoins, and other cryptocurrencies available to anybody in Africa.
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Yellow Card’s previous funding
Yellow Card announced it would raise $15 million for its Series A fundraising in August 2021. The cryptocurrency exchange recently said its customers had grown to more than one million.
This rise is essential, especially since it happened in a market that was going down. It shows how much new and old investors trust the company.
“Yellow Card” is the most talented team in terms of execution anywhere on the continent. We are blown away by how well they have changed and adapted to the unique needs and opportunities of the many African markets. Will Wolf, a partner at Polychain Capital, stated, “We’ve barely touched the surface of what is possible when it comes to crypto in Africa, and we’re excited about what’s to come.” Polychain Capital is enthusiastic about what’s to come.
Through a wide range of initiatives all over the continent, Yellow Card is dedicated to carrying out its purpose of expanding access to financial services to people everywhere.
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About Yellow Card
The year 2016 marked Yellow Card’s introduction to the world of cryptocurrency trading as an exchange.
In 2019, Yellow Card expanded into African nations such as Nigeria, South Africa, and others in response to the growth in popularity of cryptocurrencies across Africa.
Yellow Card’s only objective is to get as many people as possible engaged in bitcoin, and it does this by providing the most competitive prices for buying and trading on its platform.