Yellow Card has announced the closing of its Series C financing. Blockchain Capital led the USD$33 million (approx. UGX121.4 billion) equity financing, which was participated in by Polychain Capital, Third Prime Ventures, Castle Island Ventures, Block, Inc., Galaxy Ventures, Blockchain Coinvestors, Hutt Capital, and Winklevoss Capital.
“The future of payments lies in fast, affordable rails for everyone, powered by open networks,” said Aleks Larsen, General Partner at Blockchain Capital, the lead investor in Yellow Card’s Series C financing. “We couldn’t be more excited to back Yellow Card as they bring Africa on-chain with stablecoins.”
This financing now marks a significant milestone for Yellow Card and the African Fintech industry as a whole, as it validates the vision and progress for stablecoins in Africa and the technology’s practical applications worldwide.
“This fundraise not only demonstrates our resilience but also highlights the vital role of digital assets for businesses across Africa,” Chris Maurice, CEO and Co-founder of Yellow Card, said in a press statement. “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 Africa.”
Since its launch, Yellow Card has established itself as a pioneering force in the industry, with operations spanning 20 African countries —Uganda inclusive allowing customers to easily move money across borders while paying a fraction of the fees associated with traditional money transfers. With its new funding, the company is looking to grow its customer base and expand to other countries, like Ethiopia, Egypt, and Morocco, which is considering new legislation opening them up further to digital currencies.
This newly secured capital will be applied to fund growth and expansion, particularly through enhancing Yellow Card’s API and widget products —the gateways for international businesses including Coinbase and Block to tap into African markets and for Pan-African companies to make international payments and manage their treasury via stablecoins easily. Additionally, Yellow Card is developing innovative new products for the continent, strengthening its team and systems, and continuing to lead engagement with regulators across the continent.
The company uses stablecoins, which are tied to the value of the US dollar, as a common medium of exchange to enable smoother transactions. When customers deposit local currency with Yellow Card, they receive stablecoins like USDT and USDC, which customers can then use to send money around the world in other currencies using the Yellow Card platform.
Yellow Card remains steadfast in its commitment to empowering the continent by making it easy for businesses of all sizes to make international payments, manage their treasury, and access hard currency liquidity via stablecoins.
See also: Digital coin’s role in the evolution of blockchain interoperability
