An African crypto-based financial service mediator, Yellow Card, held the continent’s largest venture capitalist funding round.
Yellow Card operates in 12 countries across the continent of Africa including Nigeria and Tanzania. It just announced a $15 million Series A funding round hosted by Valar Ventures, Third Prime, and Castle Island Ventures.
In addition to the multiple venture capitalist backers, Yellow Card saw investment from other big names in the fintech space. These included Jack Dorsey’s Square, Coinbase Ventures, and Blockchain.com.
The company started in Nigeria in 2019. Nigeria has had an active interest in crypto over the last few years. Crypto related search queries on Google are the highest in Nigeria across the continent of Africa. Jack Dorsey, whose company invested in Yellow Card’s latest round, revealed a bullish stance on bitcoin in Nigeria via Twitter.
Initially Yellow Card customers bought bitcoin through a gift card-like model, but it then transformed into crypto agency banking. Agency banking entails the transfer of financial services to clients through a network of third-party custodians. This system plays an important role in financial breadth and equality in many African nations.