Yellow Card, the African fintech startup in the midst of a rapid expansion on the continent, raised $33 million in new venture capital funding from Blockchain Capital and other investors.
The company has raised about $49 million to date.
Driving The News
With its new funding, the company is looking to grow its customer base and expand to other countries, like Ethiopia, Egypt, and Morocco.
Additionally, Yellow Card is developing innovative new products for the continent, strengthening its team and systems, and continuing to lead engagement with regulators across the continent.
About The Company
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.
How It Works
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.
Zoom Out
Last year, the company partnered with Block, maker of the CashApp. The partnership facilitates cross-border payments between 16 countries in Africa, including Nigeria, Ghana, and South Africa.
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