Overview
- The company closed a $40 million strategic equity round that was reported to have finished on Tuesday and included SC Ventures, Sony Innovation Fund, Polychain Capital and Blockchain Capital.
- Yellow Card said it will use the capital to expand its Global USD Accounts product and add stablecoin and local-payment rails in Latin America and the Asia-Pacific region.
- The Global USD Accounts let businesses hold dollars, hold and swap stablecoins, run treasury functions and collect or pay local currencies through domestic payment rails in more than 50 countries.
- Yellow Card has processed more than $10 billion in transactions, holds licenses or registrations in 22 jurisdictions and has partnerships with payment and remittance firms including Mastercard and Visa.
- The company is working with commercial banks to route dollar flows onchain to compete with correspondent banking and SWIFT, which could lower costs and speed payments for firms in emerging markets but will depend on bank integrations and local regulation.