Yellow Card crypto exchange raises $40 million in Series B round

Quick Take

  • Pan-African crypto exchange Yellow Card Financial raised $40 million in a Series B funding round led by Polychain Capital.
  • The company hit 1 million users earlier this year.

Pan-African cryptocurrency exchange Yellow Card Financial raised $40 million in its Series B funding round, the company announced on Monday.

“This fundraise in this market not only showcases the resilience of our team but also reiterates the appetite and necessity for cryptocurrency in Africa," Yellow Card CEO and co-founder Chris Maurice said in a statement. 

Polychain Capital led the fundraising round, which comes after Yellow Card raised $15 million in a Series A round last year. Yellow Card launched in Nigeria in 2019 and operates in 16 countries. 

Participants in the latest fundraising round included Valar Ventures, Third Prime Ventures and Sozo Ventures, among others.

© 2023 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.