Yellow Card

Yellow Card is a cryptocurrency exchange that allows users to buy and sell Bitcoin using various payment options. It also offers a Bitcoin wallet for sending, receiving, and storing cryptocurrencies.

Seed Round: $1.5M

Series A Round: $15M

Series B Round: $40M

Series C Round: $33M

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What is Yellow Card

Yellow Card serves as a payment rail in 20 African countries, allowing customers to easily move money across borders while paying a fraction of the fees associated with traditional money transfers. With its new funding, the company is looking to grow its customer base and expand to other countries, like Ethiopia, Egypt and Morocco, which is considering new legislation opening them up further to digital currencies.

The company, founded in 2016, uses stablecoins, which are usually tied to the value of the US dollar, as a common medium of exchange in order to enable smoother transactions. When customers deposit local currency with Yellow Card, they receive stablecoins like USDT and USDC, which customers can then use to send money around the world in other currencies using the Yellow Card platform.

While many currencies in Africa are unstable or have seen their values plummet relative to the US dollar, making them undesirable to hold, Yellow Card has found a way to trade in local currencies with reduced risk. The startup says that capability has essentially made it a market maker for African currency transactions.