Yellow Card raises $40 million from SC Ventures, Sony Innovation Fund and others

Yellow Card has raised $40 million in a strategic funding round from SC Ventures, Sony Innovation Fund, Polychain Capital, Blockchain Capital and other unnamed strategic investors. The company announced the round on 4 August. Its total equity financing now exceeds $120 million.

What Yellow Card does

Yellow Card provides licensed stablecoin payments infrastructure that lets businesses move money across US dollars and more than 50 local currencies. Its flagship product is Global USD Accounts, a single account for holding dollars, handling stablecoins, managing treasury, and collecting and paying out local currencies. Customers include Visa and Western Union, and the company lists partnerships with Visa, Mastercard, PayPal and Coinbase.

Scale and reach

The company says it has facilitated more than $10 billion in transactions. It offers local currency payment rails in over 50 countries and holds licences, authorisations or registrations in 22 jurisdictions across North America, Europe and Africa. Yellow Card was built in Africa and is now expanding into Latin America, Asia-Pacific and EMEA, with the Sony Innovation Fund backing its push in Asia-Pacific.

Use of funds

The money will go towards taking Global USD Accounts to more businesses, expanding stablecoin rails, deepening its presence in Latin America and Asia-Pacific, and widening local payment rails and currency coverage. Chris Maurice, CEO and Co-Founder, said: "Money should move at the speed and convenience of the internet."

At a glance

• Company: Yellow Card
• Raised: $40 million
• Round: Strategic funding round
• Investors: SC Ventures, Sony Innovation Fund, Polychain Capital, Blockchain Capital
• Markets: Africa, expanding into Latin America, Asia-Pacific and EMEA
• Key figure: More than $10 billion in transactions facilitated