Yellow Card, a crypto startup focused on Africa and operating in 20 countries, has secured $33 million in series C funding. This latest funding round follows a $40 million series B raise and a $1.5 million seed round in 2022 and 2020, respectively. Yellow Card now holds the title of Africa’s most well-funded crypto startup.
The company allocated its previous funding towards developing its API product, expanding its team—particularly in compliance roles—and entering new markets. While claiming revenue growth during this period, specific figures were not disclosed.
With the fresh injection of capital, Yellow Card plans to enhance collaborations with US tech infrastructure service providers like Fireblocks and scale its B2B API offering. This product enables businesses to provide crypto services to customers, aiming to drive stablecoin adoption across Africa.
In the coming months, the startup intends to expand into four additional African nations, including Ethiopia, Egypt, and Morocco. Before entering new markets, Yellow Card conducts thorough market entry assessments, as explained by Vice President of Operations Lasbery Oludinmu.
“We carefully evaluate risks and challenges, taking our time to ensure there is a market demand that our product can effectively meet.”
In Nigeria, where crypto regulations are evolving under the Securities and Exchange Commission (SEC)’s Accelerated Regulatory Incubation Program (ARIP), Yellow Card is actively engaged with the regulator to obtain a provisional crypto license for operations in the country.