African Crypto Exchange Yellow Card Closes $40M Series B

Polychain Capital led the funding round, which comes less than a year after the Series A.

AccessTimeIconSep 19, 2022 at 12:48 p.m. UTC
Updated May 11, 2023 at 6:56 p.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

Pan-African cryptocurrency exchange Yellow Card Financial has closed a $40 million Series B funding round that was led by crypto-focused venture capital firm Polychain Capital.

The funds will go toward expanding across the continent, developing new products and forming new partnerships, according to the press release.

  • Why Sequoia Capital Is Raising $600M to Launch New Crypto Fund
    06:39
    Why Sequoia Capital Is Raising $600M to Launch New Crypto Fund
  • Twitter Joined $20M Funding Round for Bitcoin Payments Provider OpenNode
    06:14
    Twitter Joined $20M Funding Round for Bitcoin Payments Provider OpenNode
  • Twitter Joined $20M Funding Round for Bitcoin Payments Provider OpenNode
    06:14
    Twitter Joined $20M Funding Round for Bitcoin Payments Provider OpenNode
  • Polygon Raises $450M to Build Web 3 Applications, Invest in Zero-knowledge Tech
    06:55
    Polygon Raises $450M to Build Web 3 Applications, Invest in Zero-knowledge Tech
  • Launched in Nigeria in 2019, Yellow Card provides users in Africa with access to bitcoin (BTC), ether (ETH), stablecoins and other cryptocurrencies.

    Other investors in the round included Valar Ventures, Third Prime Ventures, Sozo Ventures, Castle Island Ventures, Fabric Ventures, and DG Daiwa Ventures, among others.

    "Yellow Card is the best executing team on the continent. We are impressed by the way they seamlessly adjust and adapt to the unique opportunities and demands of the various African markets. We've barely touched the surface of what is possible when it comes to crypto in Africa, and we're excited for what's to come," Polychain Capital partner Will Wolf said in the statement.

    Yellow Card raised $15 million in a Series A funding round last September. Valar Ventures, Third Prime and Castle Island Ventures led that round.

    Disclosure

    Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

    CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

    Brandy Betz

    Brandy covered crypto-related venture capital deals for CoinDesk.


    Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.