Key facts
- Yellow Card raised $40 million in strategic equity funding.
- The funding round was led by SC Ventures, Sony Innovation Fund, Polychain Capital, and Blockchain Capital.
- The company aims to enable banks to use stablecoins for cross-border dollar transfers.
- The capital will support the expansion of its Global USD Accounts product.
- Yellow Card plans to add stablecoin and local payment options in Latin America and Asia-Pacific.
Yellow Card has secured $40 million in strategic equity funding to enhance its stablecoin payment infrastructure, aiming to facilitate cross-border dollar transfers for banks. The funding round, which included investments from SC Ventures, Sony Innovation Fund, Polychain Capital, and Blockchain Capital, brings Yellow Card's total equity financing to over $120 million. While the company's valuation has increased since its 2022 mark of $200 million, it remains below $1 billion.
Co-founder and CEO Chris Maurice stated that Yellow Card is collaborating with commercial banks globally to leverage stablecoins for moving dollars across borders, intending to replace legacy systems like Swift. Maurice envisions a future where payments flow directly between banks on-chain.
The company plans to utilize the new capital to expand its Global USD Accounts product and introduce stablecoin and local payment options in Latin America and Asia-Pacific. These accounts enable businesses to hold dollars, manage treasury operations, and conduct local currency transactions in over 50 countries.
Yellow Card, which began its operations in Africa, has facilitated more than $10 billion in transactions since its inception in 2016 and holds licenses in 22 jurisdictions. Maurice noted that bank volumes are growing faster than corporate volumes as institutions increasingly adopt Yellow Card's system.