Crypto Exchange Yellow Card Secures $40M, Plans Global Expansion

Yellow Card Financial, an African-focused crypto exchange, has completed its Series B funding round. Per the exchange’s release, the $40 Million raised gave the company a total capital injection received at $57 Million.

This round was spearheaded by Polychain Capital in collaboration with some angel investors like Third Prime Ventures, Valar Ventures, and Sozo Ventures. Alex Wilson, The Raba Partnership, Castle Island Ventures, Pat Duffy, and so many others also participated in the funding round. 

With the funds, Yellow Card will develop new products as well as expand successfully across the continent. It also intends to grow its business and gain strategic partnerships across Africa.

Chris Maurice, CEO of the company declined to disclose the firm’s current valuation. He says the company is aiming to attain Unicorn status by the end of 2023.

Nonetheless, the valuation makes Yellow Card the most funded Web3.0 startup in Africa.

The Atlanta-based Bitcoin exchange previously raised $1.5 million in a seed round held last year. Following the seed round, the blockchain startup also closed a $15 million Series A financing round. All this is in a bid to scale its operations across the continents.

Its main aim has been to create a pan-African cryptocurrency service-providing platform and it is doing everything possible to achieve that.

Although Yellow card was founded in 2016, it came into African countries like Nigeria, South Africa, etc in 2019. With the vision of getting everyone involved in cryptocurrency, Yellow card offers the best rate to customers when buying and selling on its platform.

Users have access to Bitcoin (BTC), Ethereum (ETH), stablecoins, and many other cryptocurrencies.

Venture Capital Funding for Crypto Startups

MARA, a new crypto exchange platform, launched in the East African region secured $23 million from heavyweights investors. The fund helped the exchange to offer basic offerings like buying, trading, and withdrawal of cryptocurrencies. It has started its operations in Kenya and Nigeria and also hopes to expand its services to other countries in the region.

South Africa-based cryptocurrency exchange VALR raised $50 million in a Series B funding round which placed the firm’s valuation at $240 million. The fund is targeted at expanding its business in the African region as well as introducing additional products to its clients.