Yellow Card, Africa’s leading stablecoin on/off ramp, has announced the completion of its $33 million Series C funding round, led by Blockchain Capital. This brings the total equity raised by Yellow Card to $85 million, marking a significant milestone in the company’s journey and the broader African fintech landscape.
The Series C funding round also saw participation from other prominent investors, including Polychain Capital, Third Prime Ventures, Castle Island Ventures, Block, Inc., Galaxy Ventures, Blockchain Coinvestors, Hutt Capital, and Winklevoss Capital. The investment is a strong endorsement of Yellow Card’s growth and the increasing adoption of stablecoins in Africa.
“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. He added that the company is excited about future opportunities, partnerships, and innovations, all of which are aimed at furthering the development of the stablecoin ecosystem in Africa.
Since its inception in 2019, Yellow Card has pioneered stablecoin transactions on the continent, operating in 20 African countries and facilitating over $3 billion in transactions. The new capital injection will accelerate the company’s expansion plans, focusing on the enhancement of its API and widget products, which are designed to help both international and Pan-African businesses manage payments and treasury functions via stablecoins.
Yellow Card’s commitment to innovation and collaboration with regulators is expected to strengthen the company’s position in Africa’s growing digital economy. With the rising demand for faster, more affordable, and secure payment solutions, stablecoins have become an attractive option for many businesses across the continent.
Blockchain Capital’s General Partner, Aleks Larsen, emphasized the importance of open networks in shaping the future of payments. “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 stablecoins,” said Larsen.
This successful funding round highlights the confidence investors have in Yellow Card’s vision of making international payments more accessible for African businesses of all sizes, all while promoting the use of stablecoins as a tool for managing liquidity and making cross-border transactions easier.
As the largest licensed stablecoin on/off ramp in Africa, Yellow Card continues to play a crucial role in driving financial innovation across the continent, positioning itself at the forefront of Africa’s fintech revolution.