Yellow Card Financial, the Pan-African cryptocurrency exchange, has raised $40M Series B funding led by Polychain Capital, with participation 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 more.
This year Polychain Capital has also invested in Web3 social network DSCVR, flare-powered Bitcoin miner Crusoe Energy and Common, an all-in-one platform that makes it easy for on-chain communities to manage their DAO.
How will the funding be used?
The funding will enable the company to accelerate exponential business growth and expansion across the continent, develop new product innovations and advance strategic partnerships across Africa.
The announcement comes a year after raising $15M in Series A funding in August 2021. The latest round brings the total funding raised to $57M. The company aims to achieve unicorn status by the end of 2023.
According to Chris Maurice, CEO, and co-founder of Yellow Card, this raise is the product of relentless 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 fundraises in this market showcases not only the resilience of our team but also reiterates the appetite and necessity for cryptocurrency in Africa,” says Chris.
Founded in 2019, Yellow Card is a cryptocurrency exchange on which users can buy or sell supported cryptocurrencies with local currency. The company also offers a secure cryptocurrency wallet to send, receive, and store assets.
Since its inception, the platform has sought to make Bitcoin, Ethereum, Stablecoins, and other cryptocurrencies accessible to anyone in Africa. The company surpassed 1M customers in March and has grown from 12 to 16 countries, including Gabon, Senegal, Rwanda, and the Democratic Republic of the Congo.
“Yellow Card is the best executing team on the continent. We are impressed by how they seamlessly adjust and adapt to the unique opportunities and demands of the various African markets. We’ve barely touched the surface of what is possible in crypto in Africa, and we’re excited for what’s to come,” said Will Wolf, Partner at Polychain Capital.