Yellow Card also announced the hiring of former senior director of payment services at Walmart, Jason Marshall, as the startup’s chief operating officer.
Andreessen Horowitz has previously invested in Skype, Facebook, Twitter, AirBnB, Ripple (blockchain-based), Github, CryptoKitties (blockchain-based), and a host of other high-tech companies.
According to investment analysts, having a team with strong experience in cryptocurrencies must have also influenced the funding.
Other investors in Yellow Card – which aims to make it easier for consumers in Africa to buy and sell cryptocurrency — included Polychain and Celo, through Celo Ecosystem Fund.
PolyChain’s CEO further noted that 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.”
Founded in 2016 by Chris Maurice and Justin Poiroux, Yellow Card started with an intent to create a Bitcoin gift card.
Then, in 2018, Chris and Justin met a man at a Wells Fargo who was trying to send $200 dollars to his family in Nigeria. The bank charged him $90.
They teamed up with Munachi Ogueke to undertake the mission of bringing Bitcoin to Africa with the objective of “basic financial services for all” and have since taken Nigeria by storm with 35,000+ merchants and over $35 million dollars in transactions.
Yellow Card further revealed that Starting September 1, the service will also launch in Kenya and Cameroon.