Yellow Card Financial, a Pan African cryptocurrency exchange, has closed a Series B of $40 million financing.
This round was 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.
The company plans to utilize the money to propel the expansion of its business, expand its growth across Africa, create new product innovations and develop strategic alliances across Africa.
The company was founded by Chris Maurice, CEO and co-founder of the company Yellow Card launched in Nigeria in 2019 to enable the bitcoin, Ethereum, Stablecoins and other cryptocurrencies to be available to everyone in Africa. In August 2021, Yellow Card announced its first Series A fundraising of $15 million. Since then, the team has achieved many milestones, such as:
- The number of participants has grown from 12 to 16 countries, beginning in Gabon, Senegal, Rwanda as well as in the Democratic Republic of the Congo;
- The company is making significant hires: Alice Tomdio, Chief Financial Officer; Craig Stoehr, General Counsel; and Micha Katz, Chief Information Security Officer.
- The grant of stock options to each full-time employee
- The launch of Yellow Pay, a crypto-powered option to transfer values across borders
- Near surveyed more than 1 million customers in March.