Summary
- Yellow Card raised $40 million in strategic equity funding, lifting its total equity financing above $120 million at a valuation higher than its 2022 $200 million mark but still below $1 billion.
- The company is working with commercial banks worldwide to use stablecoins and onchain payments to move dollars across borders and compete with legacy systems such as Swift.
- 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.
Yellow Card said it raised $40 million in strategic equity funding to expand its stablecoin payment infrastructure offering, betting that banks will increasingly use blockchain technology to move dollars across borders.
The round included SC Ventures, Standard Chartered‘s venture arm, Sony Innovation Fund, Polychain Capital and Blockchain Capital. It brings Yellow Card’s total equity financing to more than $120 million at a valuation significantly higher than the $200 million it rated in 2022, but not yet $1 billion, one person close to the matter told CoinDesk.
Neither Yellow Card CEO Chris Maurice nor the U.S.-based company's PR team confirmed the valuation.
Maurice, who co-founded the firm, said the company is working with commercial banks globally to use stablecoins to bring more dollars into markets and replace legacy payment systems.
“The very near future state for this industry is one where payments flow directly between banks onchain, without B2B payments companies or other payment service companies in the flow at all,” Maurice said over Telegram.