Yellow Card Financial, an all-African cryptocurrency exchange, reported on Monday that its Series B investment round had raised $40 million.

“This fundraise in this market not only showcases the resilience of our team but also reiterates the appetite and necessity for cryptocurrency in Africa,” Yellow Card CEO and co-founder Chris Maurice said in a statement.

The fundraising round, which followed Yellow Card’s $15 million Series A investment last year, was headed by Polychain Capital. Yellow Card, which is active in 16 nations, began operations in Nigeria in 2019.

Valar Ventures, Third Prime Ventures, and Sozo Ventures were among the investors in the most recent financing round.