Nigerian cryptocurrency exchange Yellow Card has raised US$15 million in Series A funding to ramp up hiring and continue its expansion across the continent.
Launched in 2018, Yellow Card makes it easy for anyone, anywhere in Africa, to buy cryptocurrencies like Bitcoin, Ethereum and USDT Stablecoin using cash, mobile money, card, or bank transfer.
The company now has a presence in 12 African countries, and has seen a nearly 30X increase in users across Africa since the start of the COVID-19 pandemic. Its Series A funding round is for further expansion and to expand its team, which is already 110-strong.
The US$15 million round was led by Valar Ventures, Third Prime, and Castle Island Ventures, with participation from Square, Blockchain.com Ventures, Coinbase Ventures, Polychain Capital, BlockFi, Fabric Ventures, Raba Partnership, MoonPay, GreenHouse Capital, and more.
“Our mission has always been to make cryptocurrency accessible anywhere and everywhere across the African continent. Now, we have the backing to make that a reality, alongside an amazing team of investors who share our vision,” said Chris Maurice, co-founder and chief executive officer (CEO) of Yellow Card.
Valar Ventures’ James Fitzgerald said Africa was poised to benefit tremendously from cryptocurrency’s potential to transform financial services.
“We believe in Yellow Card’s vision of a pan-African cryptocurrency platform. What cemented the deal is their multi-national team, which we believe has the local knowledge, technical expertise, and unequivocal passion to address the basic financial services needs of the continent,” he said.