- In 2018, Chris Maurice discovered the need to revolutionize the financial building block to promote Web3 adoption. Through this inspiration, he created Yellow Card and officially launched it in Nigeria in 2019
- In 2021, the Nigerian fintech announced that it was able to raise $15 million on a Series A plan
- Valar Ventures’ James Fitzgerald stated that the tremendous potential of the Nigerian fintech has the making of a multi-national team
Web3, cryptocurrency, and blockchain technology are among the leading technologies investors are using to drive innovation in Africa. Several major companies have taken it upon themselves to support many African startups—all in hopes of increasing Web3 adoption.
Young innovators and developers have taken up this opportunity and ventured into the digital asset market. Currently, Nigeria is the leading African country within the cryptocurrency ecosystem. This is due to the various Nigerian startups that have grown over the years. Yellow Card, a Nigerian fintech, is a prime example.
Yellow Card has steadily gained fame within the crypto space and has made numerous headlines.
About Yellow Card
Yellow Card is a financial technology institution focused on building and promoting a new economic infrastructure in Africa.
In 2018, Chris Maurice discovered the need to revolutionize the financial building block to promote Web3 adoption. Through this inspiration, he created Yellow Card and officially launched it in Nigeria in 2019.
The main aim of the Nigerian fintech is to create a platform that simplifies the buying, selling and trading of cryptocurrency in Africa from the comfort of their phone. It accommodates and improves peer-to-peer and cross-border transactions, effectively improving the cryptocurrency ecosystem in Africa.
Also, Read The Ethereum Merge: A hit, stale or a miss?
To achieve and fulfil its goal, Yellow card has a team of more than 110 employees in 16 countries. Each one works effortlessly to increase the Pan-African crypto network. It allows users to interact with crypto coins such as Bitcoin, Ethereum, USDT and USDC.
Yellow card essentially brings the digital asset market closer to the commoner because various African countries lack the means to support heavy crypto trading; hence the Nigerian fintech sought to provide such a service.
It has vastly increased Web3 adoption in Africa and currently serves several countries. They include Cameroon, Kenya, Nigeria, South Africa, Botswana, Rwanda, Tanzania, Ghana, Zambia, Uganda, Gabon and Malawi.
Strides made by the Nigerian fintech
Since its initial launch in 2019, Yellow card has made significant strides in the cryptocurrency ecosystem.
In 2021, the Nigerian fintech announced that it was able to raise $15 million on a Series A plan. At the time, this achievement was the most significant amount achieved by any African cryptocurrency exchange. The Yellow Card team stated that the funding would allow it to expand its reach across Africa and increase its staff to promote efficiency.
The Series A round was pioneered by critical stakeholders such as Valar Ventures, Third Prime, and Castle Island Ventures. Additional partners also participated; Square, Inc., Blockchain.com Ventures, Coinbase Ventures, Polychain Capital, BlockFi, Fabric Ventures, Raba Partnership, MoonPay and GreenHouse Capital. Each one was inspired by the enormous potential the Nigerian fintech presented.
Chris Maurice stated that with the backing of many investors, the mission was to improve Web3 adoption and cryptocurrency accessibility within Africa. Valar Ventures’ James Fitzgerald noted that the tremendous potential of the Nigerian fintech has the making of a multi-national team. With the local knowledge, technical expertise and determination to address the financial issues of Africa.
Yellow Card recently surpassed 1 million customers in just under four years. This achievement shocked the crypto world as it only reached 16 countries within Africa. John Colson, chief marketing officer of Yellow Card, stated that with its current reach Nigerian Fintech has a greater chance to expand its reach across All of Africa. Reaching 1 million users was no small feat. This increases the likelihood of attracting more investors, effectively promoting the company.
Peter Mureu, marketing director at Yellow Card, stated that every strategic decision made within the Nigerian fintech aims to benefit its customers. They have advanced their efforts and increased the accessibility of the digital asset market. This was only possible since they have engaged their customers to identify their needs. Also, they have incorporated various features that accommodate fiat to crypto conversion—allowing customers to use their local currencies to purchase crypto.
How has Yellow Card improved the crypto ecosystem in Africa
Not all African countries have the means to support or even accommodate crypto into their economy. To improve the cryptocurrency ecosystem, Yellow Card launched its educational platform, Yellow Card academy, in 2021.
This move aimed at increasing cryptocurrency, what it is, how it works and how to get started. It has simplified the accessibility of crypto content by ensuring they establish bite-size courses that ease the transition from beginner to intermediary and, finally and expert.
With 1 million plus customers, many have taken advantage of this feature and are improving daily in the digital asset market. John Colson, in an interview, said,” Although we are just starting, the impact that Yellow Card has on Africa is noticeable. From Job creation to education enthusiasts and curious mind and even breaking down borders.”
These are just the beginning; they intend on bringing new innovative ways to improve the cryptocurrency ecosystem in Africa because they believe crypto and Web3 adoption is the future of the financial system and the internet.