Yellow Card raises $33m in Series C funding

By Gloria Methri

Yellow Card, the first licensed Stablecoin on/off ramp in Africa, has announced the closing of its Series C financing. Blockchain Capital led the $33 million equity financing round, which included Polychain Capital, Third Prime Ventures, Castle Island Ventures, Block, Inc., Galaxy Ventures, Blockchain Coinvestors, Hutt Capital, and Winklevoss Capital.

Yellow Card said this financing marks a significant milestone for the company as it validates the vision and progress for stablecoins in Africa and the technology’s practical applications worldwide.

“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 journey ahead; and I’m proud to work with an incredible cohort of investors that share our vision for the industry and the continent.”

Since its launch in Nigeria in 2019, Yellow Card has expanded its operations to 20 African countries and facilitated over $3 billion in transactions across the continent.

This newly secured capital will be used to fund growth and expansion, mainly by enhancing Yellow Card’s API and widget products—the gateways for international businesses (including Coinbase and Block) to tap into African markets and for Pan-African companies to make international payments and manage their treasury via stablecoins easily.

Additionally, Yellow Card is developing innovative new products for the continent, strengthening its team and systems, and continuing to lead engagement with regulators across the continent. This financing reflects the level of confidence expressed in the business by both new and existing investors.

“The future of payments lies in fast, affordable rails for everyone, powered by open networks,” said Aleks Larsen, General Partner at Blockchain Capital, the lead investor in Yellow Card’s Series C financing. “We couldn’t be more excited to back Yellow Card as they bring Africa on-chain with stablecoins.”