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.

By Brandy Betz

Sep 19, 2022 at 12:48 p.m. UTC

Updated Sep 19, 2022 at 2:41 p.m. UTC

CDCROP: Africa on a globe map (James Wiseman/Unsplash) — (James Wiseman/Unsplash)

Brandy Betz

Brandy covers crypto-related venture capital deals for CoinDesk.

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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.

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.

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