One of Africa’s largest and first licenced on/off ramp Stablecoin, Yellow Card, has announced the closing of its Series C financing of $33 million.
This newly secured capital is expected to be applied to fund growth and expansion, particularly through enhancing Yellow Card’s API and widget products.
These are the gateways for international businesses (including Coinbase and Block) to tap into African markets and for Pan-African companies to easily make international payments and manage their treasury via stablecoins.
Additionally, Yellow Card plans are underway to develop new innovative products for the continent, strengthening its team and systems, and continuing to lead engagement with regulators across the continent.
The equity financing was led by Blockchain Capital, with participation from Polychain Capital, Third Prime Ventures, Castle Island Ventures, Block, Inc., Galaxy Ventures, Blockchain Coinvestors, Hutt Capital and Winklevoss Capital.
The financing marks a significant milestone for the company and the African FinTech industry as a whole as it validates the vision and progress for stablecoins on the continent and practical applications for the technology worldwide.
Yellow Card co-founder and CEO Chris Maurice noted that the fundraise not only demonstrates the company’s 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,” he said.
Since its launch in Nigeria in 2019, Yellow Card has established itself as a pioneering force in the industry, with operations spanning 20 African countries and over $3 billion in transactions facilitated across the continent.
Yellow Card said the financing reflects the level of confidence expressed in the business by both new and existing investors.
Blockchain Capital General Partner Aleks Larsen added that 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,” Larsen said.
Yellow Card remains steadfast in its commitment to empowering the continent by making it easy for businesses of all sizes to make international payments, manage their treasury, and access hard currency liquidity via stablecoins.
Follow us on Telegram, Twitter, and Facebook, or subscribe to our weekly newsletter to ensure you don’t miss out on any future updates. Send tips to editorial@techtrendsmedia.co.ke
