Crypto-asset banking company Avanti

The USD 40M Series B fundraising for the Pan-African cryptocurrency exchange, Yellow Card Financial, has closed. The Raba Partnership, Valar Ventures, Third Prime Ventures, Sozo Ventures, Castle Island Ventures, Fabric Ventures, DG Daiwa Ventures, Jon Weiner, Alex Wilson, Pat Duffy, and other investors joined Polychain Capital in leading the round.

The money will help the business expand rapidly, maintain its successful pan-African expansion, create new products, and advance strategic alliances across the continent.

According to Chris Maurice, CEO and co-founder of Yellow Card, this boost results from unwavering effort toward a shared objective.

“Our team has been working nonstop for the last three years to produce a product of the highest caliber and to make this technology available to everyone. This fundraising effort in this area demonstrates our team’s tenacity and highlights how popular and necessary cryptocurrencies are in Africa “Chris stated.

The team, which is spread across 21 nations and started in Nigeria in 2019, has worked to make Bitcoin, Ethereum, Stablecoins, and other cryptocurrencies available to everyone in Africa.

Yellow Card announced their USD 15M Series A financing in August 2021. Since then, the group has accomplished important milestones like:

inaugurated in Gabon, Senegal, Rwanda, and the Democratic Republic of the Congo, expanding from 12 to 16 nations;

Notable, influential individuals: the general counsel, Craig Stoehr, the chief financial officer, and the chief information security officer, Micha Katz;

giving every full-time employee stock options;

  • introducing Yellow Pay, a platform that uses cryptocurrency to pay money across borders;
  • Exceeding one million clients in March
  • The importance of this rise, particularly in a bearish market, unquestionably demonstrates the level of investor trust in the company, both new and old.

Partner at Polychain Capital, Will Wolf, said:

“The continent’s greatest team at executing is called Yellow Card. We are awed by how easily they adapt to the particular opportunities and requirements of the various African markets. In terms of cryptocurrencies in Africa, we’ve only scratched.”

Through several initiatives across the continent, Yellow Card is dedicated to upholding its purpose of fostering financial inclusion for all.

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Kshitij does business research and content writing for VCBay. Pursuing BBA from Symbiosis Center Of Management Studies (SCMS) Pune, he is skilled in Financial Modeling, Stock valuation and Microsoft Excel. He is passionate about Entrepreneurship and Finance.


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