Yellow Card Raises $33M to Boost Africa’s Crypto Business Solutions
TLDR
- Yellow Card raises $33 million in Series C funding, totaling $88 million in funding, solidifying its position as Africa's top-funded crypto platform.
- The investment, led by Blockchain Capital, aims to shift Yellow Card's focus towards serving businesses over retail customers, providing access to stablecoins for managing treasury functions.
- Yellow Card, initially serving retail customers in 20 African countries, now supports around 30,000 companies, offering stablecoins to aid in hedging against inflation and facilitating cross-border trade.
Yellow Card, a U.S.-founded crypto platform operating in Africa, has raised $33 million in Series C funding. The crypto exchange, launched in Nigeria in 2019, has now secured a total of $88 million in funding, cementing its position as Africa's most-funded cryptocurrency platform.
Led by Blockchain Capital, the latest investment aims to expand Yellow Card’s focus on serving businesses rather than retail customers, marking a shift that began during its $40 million Series B round. Initially focused on providing retail customers with access to cryptocurrencies and stablecoins like USDT, USDC, and PYUSD in 20 African countries, Yellow Card has pivoted towards businesses.
The platform now serves around 30,000 companies, helping them manage treasury functions and access stablecoins, which are particularly useful in regions with volatile currencies. Despite the pivot, the platform still supports a range of users, from small traders to large corporations, as stablecoins help businesses hedge against inflation and facilitate cross-border trade.
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Key Takeaways
Yellow Card’s strategic pivot towards businesses has significantly boosted its transaction volumes, surging from $1.7 billion to over $3 billion in a year. Stablecoins are driving adoption, offering a practical solution for African businesses to store value and manage international payments in regions with volatile currencies. With the new funding, the company plans to develop new products, strengthen its team, and engage more with regulators across the continent. As stablecoins gain traction, Yellow Card is positioning itself as a leader in Africa’s evolving crypto ecosystem.
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