Yellowcard Secures USD 33 M in Funding to Accelerate African Expansion

African crypto startup Yellowcard has raised USD 33 M in venture capital funding, led by Blockchain Capital and supported by other investors. This new funding comes as the company continues its rapid expansion across the continent.

Founded in 2016 by Chris Maurice and Justin Poiroux, Yellowcard uses stablecoins, typically tied to the value of the US dollar, as a medium of exchange to ensure smoother transactions across Africa’s developing digital finance landscape.

The startup launched in Nigeria in 2019 and raised USD 40 M in a Series B round in 2022, led by Polychain Capital. Other investors in that round included Valar Ventures, Third Prime, Sozo Ventures, Castle Island Ventures, Fabric Ventures, DG Daiwa Ventures, and The Raba Partnership.

With the latest funding, Yellowcard aims to grow its customer base and expand into new markets, including Ethiopia, Egypt, and Morocco, which are exploring legislation to facilitate digital currencies.