- Yellow Card acquired $15 million and $40 million in its Series A and B funding.
- Yellow pay leverage the company’s crypto exchange platform to complete customer transactions in USDT.
- Last year the company embarked on a pan-African tour which proved helpful at its initial starting point, Abuja.
Africa’s fintech industry has received a significant makeover in the past decade as more companies flood this lucrative industry. Today, most innovators and entrepreneurs invest their time and energy to create and develop companies that tap into Africa’s newly reformed financial industry. Companies such as Betsika, Pezesha, ChipperCash and Yellow card have dominated Africa’s ecosystems. These African-based crypt exchanges and fintech have understood one fundament aspect; blockchain and crypto thrive in Africa. In recent news, Yellow card released a feature from their crypto app to the entire African ecosystem, Yellow Pay. This feature is one of the few aspects behind Nigeria’s rapid crypto adoption rate.
Top African-based crypto exchange launches a new feature.
Yellow card exchange has had numerous wins and losses over the years, but it has always stood at the top of its game as an African-based crypto exchange. Many individuals attribute its success to its origins in Nigeria which gave it a great atmosphere to grow directly from its local source.
Also, Read Yellow card: Nigeria’s leading fintech expands its African reach.
In addition, it has also significantly boosted Africa’s fintech industry. Chris Maurice, its founder, stated that the main aim of Yellow card was to promote financial inclusion beyond the borders of Nigeria to other countries in Africa. Thus he ended up developing his African-based crypto exchange, which allowed users not only to transact, buy or sell cryptocurrency but also to have fast p2p transactions. Its efforts have received some acknowledgement. Yellow card exchange raised $15 million on Series A funding in 2021. In addition, it successfully hit 1 million customers in under four years since its founding in 2018.
This African-based crypto exchange continued to surpass everyone’s expectations. It landed several partnerships in its series B funding which doubled to $40 million.
In 2022, despite being a tragic year for Africa’s fintech and crypto industry, Yellow card surprisingly did well. It received a Virtual Asset Serve Provider License to operate in Botswana. This was a monumental move for the company since it was the first African-based crypto exchange to receive a license.
This recent achievement paves the way for a rapid expansion of the Yellow card’s functionality. It is because this license led to the expansion of the African crypto app feature, Yellow Pay.
Yellow Pay
Yellow card exchange created one of the few African crypto apps to broaden its reach during its initial foundation further. This propelled the entire Nigerian crypto trading volume tremendously, and soon, the Yellow card became what it is thanks to that small African crypto app. At the beginning of 2023, Chis Maurice announced that one of its founding features, Yellow Pay, would now be accessible throughout Africa.
Also, Read Yellow Card: First African exchange platform to get a nationally recognised virtual assets trading license.
Africa’s fintech Industry is steadily growing each day. According to Mckinsey’s analysis, the industry accumulated $3.8 billion in revenue in 2020. In 2021, this scale increased as it clocked in at $5 billion, according to Venture capital.
This is no surprise, mainly due to the rapid growth of blockchain and crypto within Africa’s ecosystem. Companies such as Yellow Card exchange and its competitors have developed numerous African crypto apps that ensure straightforward transactions.
Yellow Pay is no exception. It will enable customers to send and receive money instantly through the Yellow card exchange platforms. Furthermore, it avoids tedious processes by ensuring its African crypto app is available directly from your phone.
The top African-based crypto exchange has bigger plans.
After acquiring the necessary funding from Series A and B, this Africna-based crypto exchange still has further plans for the continent. It successfully established partnerships with critical figureheads such as Polychain Capital, Valar Ventures, Third Prime Ventures, and many more.
Through this unofficial alliance, Yellow card intends to expand the functionalities of Yellow Pay to every country in Africa. Last year the company embarked on a pan-African tour which proved helpful at its initial starting point, Abuja. The tour informed and educated individuals on the importance of financial services, blockchain technology and the vast benefits of Africa’s fintech industry. Fortunately, the tour is set to cross the entire African ecosystem, and it’s merely starting.
Conclusion
Establishing an African crypto app has proven its usefulness within Africa’s ecosystem. With Yellow Pay, this African -based crypto exchange has the potential to unite and connect the continent. Some may view it as a mere dream, but Yellow Card has proven time and time again that it overcame various hurdles and challenges.
