Yellow Card’s latest round confirms the appetite for African crypto
One year after announcing a $15 million Series A funding round in September 2021, Yellow Card is building on its momentum with a $40 million Series B round.
After launching in Senegal in April, then in Ivory Coast in June, Yellow Card, a pan-African cryptocurrency exchange platform, announced on September 19 that it had closed its $40 million Series B funding round.
The round was led by Polychain Capital – a US investment firm specializing in crypto – with participation from other US funds such as Valar Ventures, Third Prime and Castle Island Ventures. Other international funds also joined the fundraising, such as Japan’s Sozo Ventures and DG Daiwa Ventures, the UK’s Fabric Ventures and, on the continent, South Africa’s The Raba Partnership.
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In three years, Yellow Card has managed to collect a total of 56.5 million dollars over five funding rounds. With a presence in 16 countries, including Cameroon and the DRC, Yellow Card’s funding will allow the company to continue its expansion on the continent, develop new products and foster strategic partnerships in Africa, the statement said.
1 million users
“This fundraising, in the current market environment, is not only a testament to the team’s resilience, but also clearly demonstrates the appetite and need for cryptocurrencies in Africa,” said Yellow Card CEO Chris Maurice.
Since launching in Nigeria in 2019, the fintech, which is based in 21 countries, managed to cross 1 million users by March 2022. In August 2021, Yellow Card announced its $15 million Series A funding round, becoming one of the mega funding rounds of the year. appointments. “We’ve barely scratched the surface of what’s possible in crypto in Africa, and we’re excited about what’s to come,” said Will Wolf, a partner at Polychain Capital.
According to blockchain data platform Chainalysis, Africa’s cryptocurrency market grew by more than 1,200% in value between 2020 and 2021, becoming the third fastest growing cryptocurrency market in the world.
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