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Nigerian crypto firm Yellow Card raises $1.5m seed funding

Nigerian cryptocurrency exchange Yellow Card has secured a US$1.5 million seed funding round to help it expand to more new markets.

Founded by Chris Maurice, Justin Poiroux and Munachi Ogueke, Yellow Card offers users multiple payment options, low fees and competitive rates, and has already seen strong uptake in Nigeria, where it has over 35,000 merchants and has processed more than US$35 million in transactions.

The startup has already expanded to South Africa and Botswana, adding over 30,000 new vendors, and has now announced a US$1.5 million seed round from investors including Polychain, Andreessen Horowitz and the Celo Ecosystem Fund.

Yellow Card will use the funding to further expand its operations and it bids to become the dominant exchange across the continent, and is launching its services in Kenya and Cameroon.

Nigeria In Focus:

Population - 206.6 million (Compared to South Africa's 59.6 million)

GDP: $504.57 billion (Compared to South Africa's $369.85 billion)

GDP Per Capita: $2,465 (Compared to South Africa's $6,193)