The round, led by Polychain Capital, brings yellow card to 57 million dollars total raised, more than any crypto company on the African continent.
JOHANNESBURG, 19 September 2022 /PRNewswire/ — Yellow Card Financial, the pan-African cryptocurrency exchange, has announced the closure of its 40 million dollars Series B financing. The 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 Duffyand more.
The funding will enable the company to drive exponential business growth, continue its successful expansion across the continent, develop new product innovations and foster strategic partnerships across Africa.
Chris MauriceCEO and co-founder of Yellow cardsays this increase 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 everyone and create a world-class product. This fundraising in this market not only demonstrates the team’s resilience, but also reiterates the appetite and necessity of cryptocurrency in Africa“, said Chris.
Since launch in Nigeria in 2019, the team, based across 21 countries, has sought to make Bitcoin, Ethereum, Stablecoins and other cryptocurrencies accessible to everyone in Africa.
IN August 2021yellow card announced their series A collection of 15 million dollars. Since then, the team has achieved significant milestones, including:
- Growing from 12 to 16 countries, launched in: Gabon, Senegal, Rwandaand The Democratic Republic of the Congo;
- To make significant hires: Alice Tomdiofinancial director; Craig StoehrGeneral Counsel and Micha KatzChief Information Security Officer;
- Grant of stock options to each full-time employee;
- Launch of Yellow Pay, a crypto-powered way to send value across borders;
- Over 1 million customers in March.
The significance of this increase, especially in a down market, undoubtedly reflects the level of business confidence expressed by new and existing investors.
“Yellow Card is the best performing team on the continent. We are impressed with the way they seamlessly adjust and adapt to the unique opportunities and demands of the different African markets. We have barely touched the surface of what is possible when it comes to crypto in Africaand we’re excited about what’s to come,” said Will WolfPartner in Polychain Capital.
Yellow Card is committed to continuing its mission to create financial inclusion for all through various activities across the continent.
Buy and sell Bitcoin today by visiting www.yellowcard.io or download the app today from Google Play or apple App Store.
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