Yellow Card, the Africa-focused crypto exchange, has raised $1.5 million from the popular PolyChain Capital, Celo, and others, as it looks to enter the Kenyan and Cameroonian market in early September.
The new raise is aimed at helping the Nigerian-based crypto exchange expand its footprint into new markets, most notably, Kenya and Cameroon as it seeks to solidify its operations on the African continent.
Speaking about this new development, Chris Maurice, CEO, Yellow Card, said:
“We raised 1.5 million from Andreessen Horowitz, Polychain, Celo and others. The goal of the raise is to help us grow and expand out of Nigeria, South Africa and Botswana where we are currently most dominant.”
Maurice also revealed that the exchange is looking to start operations in Kenya and Cameroon on September 1, 2020.
Speaking about the new investment, Olaf Carlson-Wee, CEO, PolyChain Capital, said:
“We’re excited about the ways in which crypto can help modernize Africa’s financial infrastructure and better serve its peoples.
Yellow Card’s mobile-first, cryptocurrency-enabled suite of products allows users to transfer value, store value, or remit value at significantly lower costs and with higher speed and better security than incumbent, legacy services provide.”
Andreessen Horowitz (also called a16z) is one of the largest private American venture capital firms. Some of the company’s early investment successes include: