African cryptocurrency startup Yellow Card has closed its Series C funding round after raising $33 million from a group of investors led by Blockchain Capital.
Other investors in the round include Polychain Capital, Third Prime Ventures, Castle Island Ventures, Block, Inc., Galaxy Ventures, Blockchain Coinvestors, Hutt Capital, and Winklevoss Capital.
The funding will be used to strengthen Yellow Card’s expansion across the African continent, launch new products, and strengthen its financial stability.
With a stable license in nearly 20 countries, Yellow Card, with a $3 billion business volume across Africa, allows its customers to cheaply exchange USDT, USDC, and PYUSD using local currency in their API account.
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Yellow Card was launched in Nigeria in 2019 and has since raised a total of $85 million in equity capital. The growing popularity of stablecoins and cryptocurrencies in Africa has attracted many blockchain entrepreneurs looking to expand the technology in Africa and integrate it with established platforms in other parts of the world.
Founded in 2013, Blockchain Capital reaffirms its commitment to investing in stablecoins and crypto assets that will disrupt traditional markets and help grow new financial models and technologies. It is now a renowned multi-level investor and partner of some of Africa’s most ambitious cryptocurrency developers.
“The future of payments lies in fast, affordable rails for everyone, powered by open networks. We couldn’t be more excited to back Yellow Card as they bring Africa on-chain with stablecoins,” said Aleks Larsen, General Partner at Blockchain Capital. Sarı Kart believes that investing in alternative payment methods will further develop Africa’s fintech industry. With the world of cryptocurrencies and stablecoins, the startup believes that this is the future of seamless, seamless international transactions.
