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Yellow Card said that the fundraise shall help them build strategic partnerships across Africa, and develop new product innovations.
On Monday, September 19, the pan-African crypto exchange Yellow Card Financial announced its $40 million fundraising in a Series B funding round.
Polychian Capital led the funding round along with participation from Valar Ventures, Sozo Ventures, Third Prime Ventures, Fabric Ventures, Castle Island Ventures, DG Daiwa Ventures, The Raba Partnership, Jon Weiner, Alex Wilson, Pat Duffy, and more.
Yellow Card said that this funding will help drive exponential growth for their business. It will also them towards successful expansion across the continent, build strategic partnerships across Africa, and develop new product innovations. Chris Maurice, CEO and co-founder of Yellow Card, called this fundraise an outcome of immense hard work. He further added:
“For the past three years our team has worked tirelessly to make this technology accessible to anyone and create a world-class product. This fundraise in this market not only showcases the resilience of our team but also reiterates the appetite and necessity for cryptocurrency in Africa“.
Expanding their Market Footprint
Since its launch in Nigeria back in 2019, Yellow Card runs its operations in 21 countries across the globe. It has been relentlessly working to make Bitcoin, Ethereum and other digital assets accessible to investors across Africa.
Last year, the company raised $15 million in its Series A funding. Since then Yellow Card achieved a few more milestones. This includes surpassing 1 million customers earlier this year in March, granting stock options to full-time employees, launching Yellow Pay, a crypto-powered way to send value across borders, etc.
The recent fundraise is quite a significant move as it comes during the crypto market downturn. Yellow Card said that it reflects the confidence in the country expressed by new and existing investors. Speaking on the development, Will Wolf, Partner at Polychain Capital said:
“Yellow Card is the best executing team on the continent. We are impressed by the way they seamlessly adjust and adapt to the unique opportunities and demands of the various African markets. We’ve barely touched the surface of what is possible when it comes to crypto in Africa, and we’re excited for what’s to come”.
Amid the market turmoil, fundraising in the crypto space has slowed down significantly. However good firms with robust performance have still managed to raise money from the market.