Pan-African crypto exchange, Yellow Card raises $40 million Series B

Pan-African cryptocurrency exchange, Yellow Card has raised $40 million in Series B funding in a round led by Polychain Capital. Other investors include Valar Ventures, Third Prime, Sozo Ventures, Castle Island Ventures, Fabric Ventures, DG Daiwa Ventures, The Raba Partnership, among others.

This makes its funding a total of $56.5 million after its Series A funding in August 2021. Following its launch of Yellow Card Academy, it recently announced it has exceeded one million users across 16 African countries.

Yellow Card hits 1 million users across 16 African countries

The series B funding will enable the company to drive exponential business growth, continue its successful expansion across the continent, develop new product innovations, and advance strategic partnerships across Africa.

Commenting on the Series B round, Founder and CEO of Yellow Card, Chris Maurice stated that: “For the past three years, our team has worked tirelessly to make this technology accessible to anyone and create a world-class product. This fundraise, in the current market environment, not only showcases the resilience of our team but also clearly demonstrates the appetite and necessity for cryptocurrency in Africa.”

As for the Partner at Polychain Capital,Will Wolf, he expressed enthusiasm about the improvement of crypto on the African continent. “Yellow Card is the best executing team on the continent. We are impressed by the way they seamlessly adjust and adapt to the unique opportunities and demands of the various African markets. We’ve barely touched the surface of what is possible when it comes to crypto in Africa, and we’re excited for what’s to come.”