Yellow Card, a crypto platform operating across Africa, has raised $33 million in Series C funding. This latest investment was led by Blockchain Capital, along with support from notable investors like Polychain Capital, Castle Island Ventures, Third Prime Ventures, and Winklevoss Capital. With this round, the company’s total funding now stands at $88 million. The funds are set to fuel its expansion across the continent and improve its product offerings, including its API and widget, which help international companies tap into African markets.
Yellow Card is known for providing businesses with secure and cost-effective methods to buy and sell stablecoins, including USDT, USDC, and PYUSD, using local currencies. It operates in 20 African countries and has processed over $3 billion in transactions, making it the largest and first licensed stablecoin on-ramp and off-ramp on the continent. Through its platform, businesses can access stablecoins, manage treasury, and make cross-border payments more easily.
Founded by Chris Maurice and Justin Poiroux in 2019, Yellow Card initially focused on retail customers. However, the company later shifted its attention to businesses, where it saw greater demand for larger transaction volumes and stablecoin solutions. According to Maurice, the pivot towards businesses has allowed Yellow Card to raise the minimum transaction amount on its platform, making operations more sustainable. The company’s products are now widely used by businesses, including Coinbase and Block, to facilitate international payments in Africa.
In addition to expanding its product offerings, Yellow Card is also working closely with regulators across the continent. In 2022, it became the first crypto company in Africa to be granted a Virtual Asset Service Provider license in Botswana, a key step in building trust and compliance in the industry. The company continues to strengthen its team and systems to meet the demands of Africa’s evolving crypto market.
This collaboration will make it easier for users in countries like Botswana, South Africa, Uganda, Zambia, and more to buy digital assets using local currencies via bank transfers and mobile money.
Yellow Card
Together, we’re simplifying access to digital assets and decentralized finance for millions of people!
Earlier this year, Yellow Card partnered with Coinbase, allowing users in 20 African countries to access USDC and make payments in their local currency. This partnership has improved the payment experience for users, enabling seamless transactions through local bank transfers and mobile money. It has also made Know Your Customer (KYC) processes easier, providing a smoother customer experience across the platform.
Despite the challenges facing the crypto industry in Africa, with some companies shutting down or rebranding due to financial pressures, Yellow Card has remained strong. With its latest funding and a clear focus on stablecoin adoption, the company is well-positioned to continue driving growth and offering businesses in Africa reliable payment solutions. As stablecoins become increasingly important in Africa, Yellow Card’s role in facilitating access to digital assets and cross-border payments is set to grow.