Yellow Card, an Africa-focused crypto startup that operates in 20 countries, has raised $33 million in series C funding. This is the company’s third funding in four years, after its $40 million series B cash pull, and $1.5 million seed raise in 2022 and 2020 respectively. Yellow Card is now Africa’s most-funded crypto startup.
The company spent its last funding on building its API product, making new hires—especially on its compliance teams—and expanding into other countries. It also claimed that it grew its revenue during this period, but declined to share the figures.
With the new funding, the startup will strengthen partnerships with its tech infrastructure service providers in the US, like Fireblocks, as well as scale its B2B API product, which allows businesses to offer crypto on-ramp and off-ramp services to customers. With this product, Yellow Card wants to lead stablecoin adoption in Africa.
The startup will also expand into four African countries in the next few months, including Ethiopia, Egypt and Morocco. Before deciding on which countries to expand into, the company carries out a market entry plan, according to Vice President of Operations Lasbery Oludinmu.
“We look at the risks and challenges. We take our time because we want to be sure there’s a need in that market and the product we have, can actually meet the need in that market.”
In Nigeria where a crypto regulation framework is currently being tested, it is part of the Securities and Exchange Commission (SEC)’s Accelerated Regulatory Incubation Program (ARIP). The startup is working closely with the regulator to get a crypto provisional licence in the country.
