Yellow Card Closes US$33M Series C Funding Round to Drive Global Expansion And Strategic Initiatives
Yellow Card, the largest and first licensed stablecoin on/off-ramp in Africa, has successfully closed a $33 million Series C financing round. The equity financing was led by Blockchain Capital, with participation from major investors including Polychain Capital, Third Prime Ventures, Castle Island Ventures, Block, Inc., Galaxy Ventures, Blockchain Coinvestors, Hutt Capital, and Winklevoss Capital.
This funding marks a significant milestone not only for Yellow Card but also for the African fintech ecosystem, validating the growing role of stablecoins across the continent and their broader global applications.
“This fundraise not only demonstrates our resilience, but also highlights the vital role of digital assets for businesses across Africa,” said Chris Maurice, CEO and co-founder of Yellow Card. “We are excited about the opportunities, partnerships, and the journey ahead. I’m proud to work with an incredible group of investors who share our vision for the industry and the continent.”
Since launching in Nigeria in 2019, Yellow Card has grown into a pioneering force within the industry, operating in 20 African countries and facilitating over $3 billion in transactions. The newly secured capital will drive Yellow Card’s expansion efforts, focusing on enhancing its API and widget products, which serve as gateways for international companies like Coinbase and Block to tap into African markets. Additionally, the company will continue to enable Pan-African businesses to make international payments and manage treasury functions via stablecoins.
Yellow Card’s efforts will also involve the development of innovative products, team expansion, and ongoing engagement with regulators across the continent. The financing reflects the confidence of both new and existing investors in Yellow Card’s business model and its potential to transform payments in Africa.
Aleks Larsen, General Partner at Blockchain Capital, the lead investor, emphasized the transformative potential of Yellow Card’s mission: “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.”
Initially serving retail customers, Yellow Card pivoted its focus after recognizing the high costs associated with small retail transactions. The company has since raised its minimum transaction amounts to prioritize businesses, allowing it to work more effectively with around 30,000 businesses across Africa and internationally, providing payments and treasury management solutions primarily through stablecoins.
Yellow Card remains committed to empowering African businesses of all sizes by offering seamless international payments and access to stablecoin liquidity, as it continues to lead the charge in bringing Africa on-chain.
