Yellow Card, a leading crypto platform in Africa, has successfully raised $33 million in equity financing to support its growth and expansion efforts. This funding will particularly enhance Yellow Card’s API and widget products, bringing its total equity financing to $85 million.
The funding round was led by Blockchain Capital, with participation from a variety of notable investors, including Polychain Capital, Third Prime Ventures, Castle Island Ventures, Block, Inc., Galaxy Ventures, Blockchain Coinvestors, Hutt Capital, and Winklevoss Capital.
Chris Maurice, CEO and co-founder of Yellow Card expressed enthusiasm about the funding: “This fundraiser 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.”
Founded in Nigeria in 2019, Yellow Card has quickly become a pioneering force in the crypto space, operating in 20 African countries and facilitating over $3 billion in transactions across the continent. Its API and widget products serve as gateways for international businesses, including Coinbase and Block, to tap into African markets. These tools also enable Pan-African companies to make international payments and manage their treasury with stable coins.
The recent financing underscores the strong confidence that both new and existing investors have in Yellow Card’s business model. The company is dedicated to empowering African businesses by streamlining international payments, managing treasury functions, and providing access to hard currency liquidity through stable coins.
Aleks Larsen, General Partner at Blockchain Capital, stated, “The future of payments lies in fast, affordable rails for everyone, powered by open networks. We couldn’t be more excited to back Yellow Card as they bring Africa on-chain with stable coins.”
Yellow Card Partnership with Alchemy Pay
In addition to the funding announcement, Yellow Card has partnered with Alchemy Pay, a fiat-crypto payment gateway. This collaboration aims to enhance Alchemy Pay’s transaction efficiency by leveraging widely adopted payment methods across Africa. This partnership will reduce friction for users while offering more favorable fees and improved transaction success rates.
By utilizing Yellow Card’s payment API, Alchemy Pay is making it easier for millions of people across Africa to access crypto assets and decentralized finance (DeFi) in a secure and familiar manner. This effort will significantly contribute to the broader adoption of blockchain technologies globally.
The partnership will facilitate crypto purchases and access to DeFi benefits in countries such as Botswana, Cameroon, Rwanda, South Africa, Uganda, and Zambia, using local currencies like BWP, XAF, RWF, ZAR, UGX, and ZMW.
