Yellow Card Secures $33M to Expand B2B Services in Africa

Yellow Card, an African crypto startup founded in the U.S. and launched in Nigeria in 2019, has successfully raised $33 million in Series C funding. This investment was led by Blockchain Capital, a well-known venture firm with a history of backing major companies like Coinbase and Kraken. With this latest round, Yellow Card's total funding has reached approximately $88 million.

Shift to Business-Focused Model

• B2B Pivot: Initially targeting retail customers, Yellow Card is now focusing on business clients, recognizing that businesses benefit more from cryptocurrency technology.

• Operational Changes: The company has raised its minimum transaction amounts to attract larger business clients, moving away from a broad retail base that proved costly to manage.

• Client Base Expansion: Yellow Card now serves around 30,000 businesses across Africa, providing solutions for payments and treasury management primarily through stablecoins.

Stablecoins Driving Growth and Adoption

The utility of stablecoins is a key factor in Yellow Card's growth, with transaction volumes increasing from $1.7 billion to over $3 billion in just a year. This rise is attributed to businesses using stablecoins to hedge against inflation and facilitate international payments.

Future Plans and Regulatory Engagement

Yellow Card aims to enhance its product offerings and strengthen its team with the new funding. The company is also committed to engaging with regulators across Africa to foster a more supportive environment for crypto operations, highlighting the region's innovative approach to regulation compared to other markets.