Nigerian-based pan-African fintech, Yellow Card, has announced raising U$33 million in Series C funding to enable it drive its global expansion and strategic initiatives, taking its total equity funding to $85 million.

In a statement announcing the funds, Yellow Card’s co-founder and CEO, Chris Maurice, said the capital would be applied to fund growth and expansion, particularly through enhancing Yellow Card’s API and widget products— the gateways for international businesses, including Coinbase and Block, to tap into African markets and for Pan-African companies to easily make international payments and manage their treasury via stablecoins.

“This fundraise not only demonstrates our resilience, but also highlights the vital role of digital assets for businesses across Africa,” said Maurice.

“We are excited about the opportunities, partnerships, and journey ahead; and I’m proud to work with an incredible cohort of investors that share our vision for the industry and the continent.

“Additionally, Yellow Card is developing innovative new products for the continent, strengthening its team and systems, and continuing to lead engagement with regulators across the continent,” Maurice added.

Founded in 2019, Yellow Card has steadily become the largest and first licensed Stablecoin on/off ramp on the African continent with operations spanning 20 African countries and over $3 billion in transactions facilitated across the continent.

In September 2022, the startup had announced the close of its $40 million Series B funding round, and has now followed that up with a $33 million Series C round, led by Blockchain Capital, with participation from Polychain Capital, Third Prime Ventures, Castle Island Ventures, Block, Inc., Galaxy Ventures, Blockchain Coinvestors, Hutt Capital, and Winklevoss Capital.

Speaking on the funding, Aleks Larsen, General Partner at Blockchain Capital, said the future of payments lies in fast, affordable rails for everyone, powered by open networks.

“We couldn’t be more excited to back Yellow Card as they bring Africa on-chain with stablecoins,” Larsen said.

The Ghanaian music industry is set to witness a great innovation with the launch of its first-ever local music streaming platform as announced by Vice President Dr. Mahamudu Bawumia.

The streaming platform, according to industry experts, will give Ghanaian artists the chance to earn money for their hard work, especially since foreign platforms like Spotify and Apple Music often don’t pay well.

A local media described the upcoming launch of the streaming platform as long overdue and a welcome development.

“The introduction of a local streaming service is poised to propel Ghana’s music industry into the spotlight, especially at a time when streaming revenue in sub-Saharan Africa is surging,” it wrote.

“In 2023 alone, the recorded music market in the region grew by an impressive 24.7 percent, largely thanks to increased streaming activity.

‘While South Africa remains the dominant player, accounting for 77 percent of regional revenues with a growth of 19.9 percent, Ghana has a much smaller share compared to Nigeria, whose booming music industry generated around $39bn and gained significant international recognition.

“The announcement by Dr Mahamudu Bawumia of the ruling New Patriotic Party, with the new service also involving collecting society the Ghana Music Rights Organization (Ghamro) and the Musicians Union of Ghana, is the right step in the right direction.”