October 17, 2024
Africa’s blockchain and crypto sector is getting a significant venture capital boost during a challenging period for startups, many of which have withdrawn from certain markets or shut down due to regulatory hurdles, economic conditions, or poor management.
Project | Latest Raise | Latest Raise Date | Stage | Lead Investor | Category |
|---|---|---|---|---|---|
Yellow Card | $33M | October 17, 2024 | Series C | Blockchain Capital | FinTech, Trading |
Yellow Card, a U.S.-founded crypto platform launched in Nigeria in 2019, has emerged as the continent’s most-funded cryptocurrency exchange. The company announced it has secured $33 million in Series C funding, led by Blockchain Capital, a venture firm known for investments in Coinbase, Kraken, OpenSea, and Worldcoin. This latest round brings Yellow Card’s total funding to at least $88 million.
Initially focused on providing retail customers in 20 African countries with access to crypto and stablecoins (USDT, USDC, and PYUSD) using local currencies, Yellow Card is now shifting its focus to business customers. This strategic pivot began during its $40 million Series B funding round two years ago. While Yellow Card was valued at $200 million during that round, the company’s current valuation has significantly increased, according to CEO Maurice.
About Yellow Card
Yellow Card is a cryptocurrency platform that allows users in Africa to buy, sell, send, and receive various cryptocurrencies like Bitcoin (BTC), Ethereum (ETH), and stablecoins such as USDT, USDC, and PYUSD. Launched in Nigeria in 2019, it has grown to become the continent’s most-funded cryptocurrency exchange. Yellow Card aims to make financial transactions easier and more accessible by enabling users to trade using local currencies and mobile money. The platform also offers Yellow Pay, a service for borderless payments across Africa, making it a comprehensive solution for both individual and business financial needs.
Website: https://yellowcard.io/
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About Investor
Investor: Blockchain Capital
Blockchain Capital, founded in 2013 by brothers Paul Bartlett Stephens and William Bradford Stephens, is a venture capital firm based in San Francisco, California. It was the first venture capital firm exclusively focused on investing across the blockchain ecosystem. The firm is sector-specific but invests at multiple stages, seeking to gain diverse exposure to the blockchain economy.
Location: San Francisco, CA
Website/s: https://www.blockchaincapital.com/
A central focus of investor activity in the cryptocurrency space is the evaluation of new crypto projects to invest in, particularly those with huge potential. This blog provides insight into what new ventures are benefiting from venture capital support (VC funding in crypto). These new crypto projects, funded by professional investors, can dictate the next narrative in crypto and the next big crypto movers.
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