Yellow Card has raised $1.5 million in a seed round as the project expands beyond Nigeria.
The seed round saw YellowCard receive investments from Polychain, VC firm Andreessen Horowitz, and Celo. YellowCard started as a bitcoin gift card platform and has evolved into a cryptocurrency exchange with over 30,000 merchants. According to figures from the platform, it has processed more than $35 million in transactions.
Recently, YellowCard has been expanding across the continent, entering South Africa and Botswana. In recent social media updates, YellowCard has indicated plans to expand into Kenya and Cameroon in September.
In a press statement on the seed round, YellowCard said:
With this funding, Yellow Card plans to expand even further and become the dominant exchange across the continent. Along with the fundraise, Yellow Card is announcing that it will be launching its services in Kenya and Cameroon starting September 1.
What’s more, the firm also announced that Jason Marshall, former senior director of payment services at Walmart, has joined the YellowCard team as its chief operating officer.
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