African crypto-based financial brand, Yellow Card, held the continent’s largest venture capitalist funding round.
Yellow Card operates in 12 countries on the African continent, including Nigeria and Tanzania. The company just announced a $15 million Series A financing sponsored by Valar Ventures, Third Prime, and Castle Island Ventures.
In addition to supporters of multiple venture capitalists, Yellow Card has also seen investments from other celebrities in the financial technology field. These include Jack Dorsey’s Square, Coinbase Ventures, and Blockchain.com.
The company was founded in Nigeria in 2019. Nigeria has developed an active interest in cryptocurrencies in recent years. Crypto-related searches on Google are highest in Nigeria on the African continent. Jack Dorsey’s company invested in the final round of the Yellow Card, and he announced his bullish stance on Nigerian Bitcoin on Twitter.
Initially, Yellow Card customers bought Bitcoin using a gift card-like model but later turned it into a crypto agency banking business. Correspondent banks must transfer financial services to customers through a network of third-party custodians. The system plays an important role in financial breadth and equality in many African countries.
Bitcoin in Africa
According to co-founder Chris Maurice, the company has ambitious plans for its business in Africa.
“The big picture is to change the way that money moves around the continent using crypto, and we want to make it easier for people to be able to just jump from their local economy into the economy of the internet and vice verse.”he said.
The team plans to spend $15 million on team expansion, new product development, and growth in other African countries. The company recorded a significant increase in activities.
James Fitzgerald from Valar Ventures is one of the sponsors of this funding round and sees cryptocurrencies in Africa just as positively.
In addition, data shows that the entire African continent will be in a leading position in growth in P2P Bitcoin transaction volume in 2021.