Yellow Card Monetary, the Pan-African cryptocurrency trade, has introduced the shut of its $40M Collection B funding. The spherical was led by Polychain Capital, with participation from Valar Ventures, Third Prime Ventures, Sozo Ventures, Citadel Island Ventures, Cloth Ventures, DG Daiwa Ventures, The Raba Partnership, Jon Weiner, Alex Wilson, Pat Duffy, and extra.
The funding will allow the corporate to drive exponential enterprise development, proceed its profitable enlargement throughout the continent, develop new product improvements, and advance strategic partnerships throughout Africa.
Chris Maurice, CEO, and co-founder of Yellow Card, says that this elevate is the product of relentless exhausting work in the direction of a standard purpose.
“For the previous three years our staff has labored tirelessly to make this expertise accessible to anybody and create a world-class product. This fundraise on this market not solely showcases the resilience of our staff but additionally reiterates the urge for food and necessity for cryptocurrency in Africa,” mentioned Chris.
Since launching in Nigeria in 2019 the staff, based mostly throughout 21 nations, has sought to make Bitcoin, Ethereum, Stablecoins, and different cryptocurrencies accessible to anybody in Africa.
In August 2021, Yellow Card introduced its Collection A fundraise of $15M. Since then the staff has achieved important milestones together with:
- Rising from 12 to 16 nations, launched in: Gabon, Senegal, Rwanda, and the Democratic Republic of the Congo;
- Making important hires: Alice Tomdio (Chief Monetary Officer); Craig Stoehr (Basic Counsel), and Micha Katz (Chief Info Safety Officer);
- Granting inventory choices to each full-time worker;
- Launching Yellow Pay, a crypto-powered strategy to ship worth throughout borders;
- Surpassing 1 million clients in March.
The importance of this elevate, particularly in a down market, undoubtedly displays the extent of enterprise confidence expressed by new and current traders.
“Yellow Card is the most effective executing staff on the continent. We’re impressed by the way in which they seamlessly regulate and adapt to the distinctive alternatives and calls for of the varied African markets. We’ve barely touched the floor of what’s potential in terms of crypto in Africa, and we’re excited for what’s to come back,” mentioned Will Wolf, Accomplice at Polychain Capital.