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Yellow Card raises $40 million to expand stablecoin bank payments
The funding lifts Yellow Card’s total equity financing to more than $120 million since its founding, and the firm plans to grow Global USD Accounts in Latin America and Asia-Pacific.
Yellow Card has raised $40 million in strategic equity funding to expand its stablecoin-powered payment infrastructure and connect banks to onchain processing, according to CoinDesk. The round brings the company’s total equity financing to more than $120 million, with its valuation now above its 2022 $200 million mark but still below $1 billion.
The company said it is working with commercial banks worldwide to use stablecoins and onchain payments to move dollars across borders, aiming to compete with legacy interbank messaging systems such as Swift. CoinDesk also notes Swift processes more than 53 million secure messaging instructions a day for nearly 11,500 financial institutions, and Swift has been testing a blockchain ledger.
Yellow Card plans to use the new capital to expand its Global USD Accounts product and add stablecoin and local payment options in Latin America and Asia-Pacific. CoinDesk reported that the round included SC Ventures, Standard Chartered’s venture arm, along with Sony Innovation Fund, Polychain Capital, and Blockchain Capital.
Yellow Card co-founder Chris Maurice said the near-term direction for the industry is payments flowing directly between banks onchain, without other payment intermediaries in the path. CoinDesk added that neither Maurice nor the company’s U.S. PR team confirmed the current valuation.