Yellow Card closes $33mn Series 3 funding in global expansion drive

Yellow Card, an African-focused fintech company, has recently closed a significant $33 million Series C funding round to further its expansion across the continent. The company's Country Manager for Kenya, Peter Mwangi, shared insights in an exclusive interview with CNBC Africa. Yellow Card's primary goal is to bring financial inclusion to all Africans and deepen its existing customer base. The funding will be utilized to launch new products, form strategic partnerships, attract top talent, and enhance customer services. With operations in 20 African markets, Yellow Card aims to reach the entire billion-strong population on the continent. Kenya, in particular, has been a pivotal market for Yellow Card's growth due to its robust fintech ecosystem and high mobile money adoption rate. Over 70% of adults in Kenya use mobile money services, presenting a significant opportunity for Yellow Card to introduce innovative services backed by stablecoin and blockchain technology. The company has witnessed a surge in transaction volumes, with approximately 4 million Kenyans engaging in stablecoin trades, particularly for remittances. Yellow Card's efficient, fast, and cost-effective service has attracted users looking for alternatives to traditional remittance channels. Peter Mwangi emphasized the importance of collaboration in driving growth within the financial services sector. Yellow Card has partnered with various fintech providers and payment service companies to expand their reach and enable access to markets where the company operates. By leveraging blockchain technology, Yellow Card empowers fintech companies to operate seamlessly across multiple African markets. The company's collaborative approach aims to enhance financial inclusion and drive the adoption of digital payments in Africa. In the rapidly evolving fintech landscape, advancements like artificial intelligence (AI) have brought disruptions and changes to the industry. Despite challenges such as shrinking investment inflows, Peter Mwangi highlighted the importance of innovation and problem-solving for fintech companies. Yellow Card's focus on providing cost-effective solutions for customers, particularly in remittance services, sets it apart in the market. By offering low transaction fees compared to traditional payment services, Yellow Card addresses the needs of African customers looking for affordable and efficient financial solutions. The company's commitment to driving down costs and increasing accessibility to financial services aligns with the growing demand for flexible and user-friendly payment options in the market.