Pan-African cryptocurrency exchange, Yellow Card, with operations in 12 African countries, has raised a $15,000,000 Series A funding.
The current funding raised by Yellow Card marks the largest funding by a B2C crypto exchange on the continent which triggered the attention of investors.
Valar Ventures, Third Prime and Castle Island Ventures led the round which received participation from Square, Inc., Blockchain.com Ventures, Coinbase Ventures, Polychain Capital, BlockFi, Fabric Ventures, Raba Partnership, MoonPay, GreenHouse Capital, Jack Dorsey’s Square, among others.
In a bid to eliminate chargebacks, Chris Maurice and Justin Poiroux founded Yellow Card in Atlanta, 2016, with Maurice as the chief executive officer and Poiroux as the chief technology officer.
The company expanded into Nigeria in 2019, after Maurice met a Nigerian man at a Wells Fargo in Auburn, Alabama, who was charged a high rate to send money to his Nigerian family. Ever since, Yellow Card has become a household name attributed to safe Bitcoin exchange.
The company’s services are geared towards allowing Africans to send remittances, make payments and protect the value of their wealth against the endless currency devaluation in many African countries.
The company’s uniqueness stands in building products that do not require user experience in crypto.
Chris Maurice, co-founder and CEO at Yellow Card, reiterated the company’s mission to make cryptocurrency accessible across the African continent, and the new investment will help Yellow Card achieve its goal.
“Now, we have the backing to make that a reality, alongside an amazing team of investors who share our vision.”
James Fitzgerald, a founding partner at Valar Ventures said:
“Many African countries adopted mobile phones without ever distributing landlines at scale, and many African countries adopted mobile payments without ever distributing credit and debit cards at scale.”
“We see a similar opportunity for crypto; it can enable Africans to leapfrog an entire generation of financial services technology.”
Conclusively, Munachi Ogueke, chief bitcoin officer at Yellow Card, said the funding is a validation that Africa has a major place in the crypto industry. He further stated that the company can now accelerate the growth of crypto, becoming a reliable enabler for people across the continent.