Wed. Jul 24th, 2024

Pan-African Crypto Exchange, Yellow Card secures $40 million

Yellow Card

The round, which was led by Polychain Capital brings Yellow Card’s total raised to $57M, more than any crypto company in Africa.

The $40M Series B funding for Yellow Card Financial, a Pan-African cryptocurrency exchange has been closed. The round was led Polychain Capital with participation from Valar Ventures and Third Prime Ventures as well as Sozo Ventures and Castle Island Ventures. Fabric Ventures participated along with DG Daiwa Ventures. The Raba Partnership, Jon Weiner. Alex Wilson, Pat Duffy and many others.

The company will be able drive exponential business growth, continue its expansion across Africa, develop new product innovations and advance strategic partnerships across Africa.

Chris Maurice is the CEO and cofounder of Yellow Card. He says that this raise is the result of tireless hard work towards a common goal.

“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,” said Chris.

Since its inception in Nigeria in 2019, the team has worked across 21 countries to make Bitcoin and Ethereum, Stablecoins and all other cryptocurrencies easily accessible to everyone in Africa.

Yellow Card announced their Series A fundraise in August 2021 of $15M. The team has reached many milestones since then, including:

– Growing from 12 to 16 countries, launched in: Gabon, Senegal, Rwanda, and the Democratic Republic of the Congo;
– Making significant hires: Alice Tomdio, Chief Financial Officer; Craig Stoehr, General Counsel and – – Micha Katz, Chief Information Security Officer;
– Granting stock options to every full-time employee;
– Launching Yellow Pay, a crypto-powered way to send value across borders;
– Surpassing 1 million customers in March.

This raise, especially in a downmarket market, is undoubtedly indicative of the level of business confidence expressed and maintained by existing and new investors.

“Yellow Card is the best executing team on the continent. We are impressed at the ease with which they adapt and adapt to the diverse needs of African markets. We’ve barely touched the surface of what is possible when it comes to crypto in Africa, and we’re excited for what’s to come,” said Will Wolf, Partner at Polychain Capital.

Yellow CardIt is determined to continue its mission of financial inclusion for all through various activities on the continent.

Source: newbusinessethiopia

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By Chala Dandessa

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