Yellow Card, a pan-African cryptocurrency exchange, has raised $40 million in a Series B funding round led by Polychain Capital.
Also participating were Valar Ventures, Third Prime Ventures, Sozo Ventures, Castle Island Ventures, Fabric Ventures, DG Daiwa Ventures, The Raba Partnership, among others.
Last year, Yellow Card raised $15 million in its Series A round, and with the new funding, the total capital secured is at $57 million.
With the new cash influx, the crypto exchange plans on growing its business, expanding further across Africa, forge strategic partnerships in the region and develop new products.
“For the past three years our team has worked tirelessly to make this technology accessible to anyone and create a world-class product,” says Chris Maurice, CEO and co-founder of Yellow Card.
“This fundraise in this market not only showcases the resilience of our team but also reiterates the appetite and necessity for cryptocurrency in Africa.”
Launched in Nigeria in 2019, Yellow Card aims to make cryptocurrencies accessible “to anyone in Africa”. It currently operates in 16 African countries and claims to have surpassed more than 1 million customers this year.