Yellow Card, one of the continent’s leading stablecoin on/off-ramp platform, announced that it has successfully closed a US$33 million Series C funding round, propelling the company’s mission of driving digital asset adoption across Africa. Led by Blockchain Capital, this latest equity financing marks Yellow Card’s total funding to date at US$85 million, positioning the company as a frontrunner in Africa’s rapidly evolving financial ecosystem.
Since its inception in 2019 in Nigeria, Yellow Card has grown to become the first licensed stablecoin service on the continent. The company now operates in 20 countries and has facilitated more than US$3 billion in transactions, signaling a strong demand for stablecoin solutions in a region where traditional banking infrastructure can often be inaccessible or unreliable.
The funding round saw participation from an array of influential investors, including Polychain Capital, Third Prime Ventures, Castle Island Ventures, Block Inc., Galaxy Ventures, Blockchain Coinvestors, Hutt Capital, and Winklevoss Capital. This diverse backing reflects a growing belief in the potential of stablecoins and digital assets to address some of Africa’s most pressing financial challenges.
Chris Maurice, CEO and co-founder of Yellow Card, highlighted the strategic importance of this fundraise, stating, “This fundraise not only demonstrates our resilience, but also highlights the vital role of digital assets for businesses across Africa. We are excited about the opportunities, partnerships, and journey ahead.” Maurice’s vision centers on leveraging digital currencies to empower African businesses and individuals to engage in the global economy seamlessly.
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The freshly raised capital will be pivotal in scaling Yellow Card’s operations further. A key focus will be enhancing the company’s API and widget products, which serve as critical gateways for international businesses such as Coinbase and Block to enter African markets. These tools will also support Pan-African companies in making international payments and managing their treasury via stablecoins, offering a stable alternative to volatile local currencies.
“Yellow Card’s platform bridges a critical gap in the African financial ecosystem,” said Aleks Larsen, General Partner at Blockchain Capital, who led the Series C round. “The future of payments lies in fast, affordable rails for everyone, powered by open networks. We’re thrilled to back Yellow Card as they bring Africa on-chain with stablecoins.”
Yellow Card’s Series C raise comes at a time when stablecoins are gaining increased attention as a solution for cross-border transactions, especially in regions where access to hard currency is limited. By providing businesses of all sizes with fast, affordable, and secure methods for international payments and liquidity management, Yellow Card is reshaping Africa’s financial landscape.
In addition to scaling its platform, Yellow Card aims to further engage with regulators across the continent, fostering a more robust and regulated ecosystem for digital currencies. This regulatory engagement is crucial for gaining widespread trust and adoption of stablecoins in Africa, ensuring that businesses and consumers alike can benefit from this innovative financial technology.
