The funding round was led by Blockchain Capital, with participation from notable investors such as Polychain Capital, Third Prime Ventures, Castle Island Ventures, Block, Inc., Galaxy Ventures, Blockchain Coinvestors, Hutt Capital, and Winklevoss Capital.

This latest round brings Yellow Card’s total funding to $88 million.

The company previously raised $15 million in a Series A round in 2021, followed by $40 million in a Series B round in 2023.

The newly acquired funds will be used to further develop Yellow Card’s API and widget products, which act as gateways for international businesses, including Coinbase and Block, to enter African markets.

Additionally, Pan-African companies will benefit from these products by enabling international payments and treasury management using stablecoins.

Yellow Card has also announced its plans to introduce innovative new products, strengthen its team, enhance its systems, and maintain its leadership in regulatory engagement across Africa.

The company has a proven track record of establishing partnerships that strengthen its service offerings.

In January 2024, Yellow Card partnered with Coinbase, a major cryptocurrency exchange based in the United States, to provide easy access to USDC and digital assets across 20 African countries.

This integration allows Coinbase wallet users in Africa to make payments in their local currency via local bank transfers and mobile money, providing a seamless customer experience and streamlined KYC processes.

Founded in Nigeria in 2019, Yellow Card has expanded its operations to 20 countries and has facilitated over $3 billion in transactions across the continent.

The fintech company is recognized as Africa’s largest licensed stablecoin on-ramp/off-ramp, offering businesses secure and cost-effective methods to buy and sell stablecoins like USDT, USDC, and PYUSD through its local currency and Payments API.

In 2022, Yellow Card became the first cryptocurrency company in Africa to be granted a Virtual Asset Service Provider license in Botswana.