Yellowcard Secures $33 Million in Venture Capital to Accelerate Expansion

African crypto startup, Yellowcard, has successfully raised $33 million in venture capital funding, spearheaded by Blockchain Capital and supported by a diverse group of investors.

The significant funding round will empower the company as it continues its rapid growth across the African continent.

Founded in 2016 by Chris Maurice and Justin Poiroux, Yellowcard operates using stablecoins — cryptocurrencies typically pegged to the value of the US dollar. This innovative approach facilitates smoother transactions within Africa’s evolving digital finance landscape.

Yellowcard initially launched its services in Nigeria in 2019 and previously raised $40 million in a Series B round in 2022, led by Polychain Capital. Notable investors in the earlier funding round included Valar Ventures, Third Prime, Sozo Ventures, and others.

With this latest influx of capital, Yellowcard plans to grow its customer base and expand into new markets such as Ethiopia, Egypt, and Morocco. These countries are currently exploring legislative frameworks to support the adoption of digital currencies, reflecting a growing trend in the region’s financial technology sector.

As one of the leading players in Africa’s crypto landscape, Yellowcard is poised to capitalize on increasing interest in cryptocurrency and blockchain technology, positioning itself as a crucial player in the continent’s digital economy.