Yellow CardYellow 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 IMPORTANT: By investing in this business you agree to ourDisclaimer. All information including our rating, is provided merely for informational purposes. CryptoTotem does not provide investment advice. |
Overview
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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.
DetailsRaised: 89,500,000 USDLegalRegistration country: NigeriaRegistration year: 2016 |
Yellow Card Roadmap
Yellow Card is founded by Chris Maurice, Chief Executive Officer and Justin Poiroux, chief Technology Officer.
We launched in Nigeria, the first of 20 countries on the African continent.
Yellow Card nets $1.5M in seed round, with noteworthy investors such as Polychain and Celo.
We launched the Yellow Card Academy, as part of our commitment to improving financial literacy in Africa.
We revealed our refresh as we reached 1M customers, and became the first company in Africa with a VASP license in Botswana.
We reached 1.7M customers and launched the Payments API to connect businesses to local fiat on/off ramps across Africa.