Yellow Card Raises $33 Million in New Funding to Expand Crypto Payments Across Africa
African fintech startup Yellow Card secures $33 million in venture capital from Blockchain Capital and others to fuel its ambitious expansion plans.
Yellow Card, a leading African fintech startup, has successfully raised $33 million in venture capital funding, led by Blockchain Capital with participation from other key investors. This latest round brings the company’s total funding to $85 million, marking a significant milestone in its mission to reshape financial services across Africa through the use of cryptocurrency.
Founded in 2016, Yellow Card has rapidly become a key player in the African fintech ecosystem, offering seamless cross-border payment solutions in 20 countries. The startup enables customers to transfer money easily across borders, leveraging stablecoins tied to the US dollar, such as USDT and USDC. This innovative approach helps bypass the high costs and complexities associated with traditional banking systems in regions with underdeveloped financial infrastructures.
“We’re showing that cryptocurrency is not just a speculative asset,” said Chris Maurice, co-founder and CEO of Yellow Card. “It’s a real-world solution, especially in regions where banking systems are failing to meet the needs of the people. Our platform is helping people send and receive money in a cost-effective and reliable way.”
Yellow Card’s business model centers on enabling faster and cheaper cross-border transactions, earning revenue by managing the currency exchange spread rather than charging direct fees. This makes their service a viable alternative to traditional money transfer companies, with a fraction of the cost. With this new funding, Yellow Card plans to expand its presence in Africa by entering markets such as Ethiopia, Egypt, and Morocco, where discussions on cryptocurrency regulation are underway.
Despite challenges posed by certain governments, including North African countries banning cryptocurrencies and Nigeria seizing funds in crypto wallets, Yellow Card’s unique local market approach has made it a formidable force. The startup’s partnership with major players like Coinbase and Block has further solidified its position as a leader in African crypto markets, providing them with a strong competitive moat.
“We’re proud of the infrastructure we’ve built,” said Maurice. “It’s taken years of hard work to create local payment rails that connect seamlessly with stablecoins. This is not just about innovation—it’s about solving real-world problems in a continent that’s ripe for economic growth.”
Yellow Card’s success demonstrates the growing impact of cryptocurrencies in emerging markets, where stablecoins provide a reliable medium of exchange amidst volatile local currencies. The startup’s journey, from selling Bitcoin gift cards in the US to becoming a vital financial service provider across Africa, underscores the transformative potential of fintech in driving financial inclusion.
About Yellow Card
Yellow Card is a leading African fintech startup, founded in 2016, that provides fast, affordable cross-border payment solutions in over 20 African countries. Leveraging stablecoins tied to the US dollar, Yellow Card enables seamless money transfers and supports financial inclusion in regions with limited access to traditional banking services.
