Yellow Card, a leading African stablecoin platform, closed a $33 million Series C funding round led by Blockchain Capital. The funding signifies a milestone for Yellow Card and the African fintech industry, highlighting the potential of stablecoins on the continent. This raise brings Yellow Card’s total equity financing to $85 million.
Yellow Card Raises $33M to Expand Stablecoin Presence in Africa
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Digital Assets Gain Ground in Africa
Yellow Card, the Africa-focused stablecoin on-ramp and off-ramp, recently announced closing a $33 million Series C equity financing round. Blockchain Capital led the round, with participation from Polychain Capital, Third Prime Ventures, Castle Island Ventures, Galaxy Ventures, Blockchain Coinvestors, Hutt Capital, and Winklevoss Capital.
In an Oct. 16 statement, Yellow Card called the latest financing round a significant milestone for the company and the African fintech sector. The successful round also underscores Yellow Card’s vision for the global potential of stablecoins, beyond just Africa. This latest capital raise brings Yellow Card’s total equity financing to $85 million.
As previously reported by Bitcoin.com News, Yellow Card raised $55 million in its Series A and B funding rounds, led by Valar Ventures and Polychain Capital, respectively. The fintech firm said it would use the capital to develop new products and forge new partnerships.
Since the last capital raise, Yellow Card has partnered with prominent players in the digital asset space including Fireblocks, Coinbase, Stellar, and more recently Alchemy Pay. Commenting on the fintech firm’s latest fundraising success, Chris Maurice, CEO and co-founder of Yellow Card, said:
This fundraise not only demonstrates our resilience, but also highlights the vital role of digital assets for businesses across Africa. We are excited about the opportunities, partnerships, and journey ahead; and I’m proud to work with an incredible cohort of investors that share our vision for the industry and the continent.
Aleks Larsen, General Partner at Blockchain Capital, said his organization is excited to support Yellow Card in its efforts to “bring Africa on-chain with stablecoins.”
Yellow Card said it will use the newly secured capital to fund growth and expansion across the continent. The funds will also be used to strengthen the Yellow Card team and systems.
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