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Yellow Card’s latest round confirms appetite for African crypto

One year after announcing a $15m Series A round of funding in September 2021, Yellow Card is building on its momentum with a $40m Series B round.

After launching in Senegal in April, then in Côte d’Ivoire in June, Yellow Card, a pan-African cryptocurrency exchange platform, announced on 19 September that it had closed its $40m Series B funding round.

The round was led by Polychain Capital – a US investment firm specialising in crypto – with participation from other US funds such as Valar Ventures, Third Prime and Castle Island Ventures. Other international funds also joined the fundraising, such as Japan’s Sozo Ventures and DG Daiwa Ventures, the UK’s Fabric Ventures and, on the continent, South Africa’s The Raba Partnership.

In three years, Yellow Card has managed to raise a total of $56.5m over five rounds of financing. With a presence in 16 countries, including Cameroon and DRC, Yellow Card’s funding will allow the company to continue its expansion on the continent, develop new products and advance strategic partnerships in Africa, the statement said.

1 million users

“This fundraising, in the current market environment, is not only a testament to our team’s resilience, but also clearly demonstrates the appetite and need for cryptocurrencies in Africa,” said Yellow Card’s CEO Chris Maurice.

Since its launch in Nigeria in 2019, fintech, which is based in 21 countries, managed to cross the 1 million user mark in March 2022. In August 2021, Yellow Card announced its $15m Series A funding round, becoming one of that year’s mega deals. “We’ve barely scratched the surface of what’s possible in crypto in Africa, and we’re excited for what’s to come,” said Will Wolf, a partner at Polychain Capital.

According to blockchain data platform Chainalysis, Africa’s cryptocurrency market grew by more than 1,200% in value between 2020 and 2021, becoming the third fastest-growing cryptocurrency market in the world.

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