African crypto exchange Yellow Card bags $40 million in funding

Oluwajuwonlo Afolabi -

Yellow Card Financial, a pan-African cryptocurrency exchange platform has raised $40 million in its Series B funding round led by Polychain Capital, a crypto-focused investment firm.

  • The fund will be used to expand its offering across the African continent, develop new products, and secure strategic partnerships, the crypto platform says.
  • Launched in Nigeria in 2019, Yellow Card provides users in Africa with access to Bitcoin (BTC), Ethereum (ETH), stablecoins, and other cryptocurrencies– users can buy and sell crypto with zero fees on its app. The crypto platform has the potential to unlock many untapped opportunities in crypto in Africa, claims Will Wolf, partner at Polychain Capital.
  • Valar Ventures, Sozo Ventures, Castle Island Ventures, Fabric Ventures, DG Daiwa Ventures and others invested in the funding round.
  • Yellow Card had secured $15 million in its Series A funding round last September, with Valar Ventures, Third Prime, and Castle Island Ventures leading the round.