Yellow Card Funding, Investors & Competitors
Yellow Card has raised $130M across 5 funding rounds, most recently a $40M undisclosed-stage round in August 2026.
Last Yellow Card funding round
$40M
Undisclosed stage · Aug 2026
Cumulative funding Yellow Card raised
$130M
across 5 funding rounds
Key investors in Yellow Card
Polychain
Third Prime
Castle Island Ventures
Valar Ventures
Blockchain Capital
Fabric Ventures
Block
Raba Partnership
About Yellow Card
Yellow Card is an Africa-headquartered licensed stablecoin on/off-ramp operating in 20 countries, enabling individuals and businesses to trade USDT, USDC, and PYUSD using local currencies directly or via payments API, having processed over $3 billion in transactions through yellowcard.io.
Founded
2016
HQ
Atlanta, GAWebsite
Status
Privately held
Customer focus
B2C & B2B
Revenue model
Commission
Yellow Card Funding History
Yellow Card has raised a total of $130M across 5 funding rounds.
Yellow Card's first fundraising round was a $2M seed round in August 2020. The most recent completed round was a $40M undisclosed-stage round in August 2026.
Yellow Card funding rounds
| Date | Stage | Investors | Raised | Deal Summary |
|---|---|---|---|---|
| Aug 2026 | Undisclosed stage | Standard Chartered; Blockchain Capital; Polychain; Sony Innovation Fund | $40M | Yellow Card raised $40 million in strategic equity funding in August 2026, with participation from SC Ventures, Sony Innovation Fund, Polychain Capital, Blockchain Capital, and other strategic investors. The round lifted the company’s total equity financing to more than $120 million and was described as implying a valuation significantly above the $200 million level it reached in 2022, though still below $1 billion. The capital is intended to scale Yellow Card’s Global USD Accounts product and expand its stablecoin payment rails for businesses and institutions. The financing reflects growing institutional interest in stablecoin infrastructure and cross-border dollar movement through blockchain rails. Yellow Card said the proceeds will support expansion of its end-to-end dollar account offering, which lets businesses hold U.S. dollars, manage treasury, swap stablecoins, and send or receive local currencies across more than 50 countries. The company had previously raised a $33 million Series C led by Blockchain Capital, which brought its cumulative equity funding to at least $88 million before this new round. Yellow Card operates as a stablecoin infrastructure and payments company focused on Africa and other emerging markets, positioning itself around bank, fintech, and enterprise connectivity to stablecoin-based settlement and payments. |
| Oct 2024 | Series C | Blockchain Capital (lead); Castle Island Ventures; Blockchain Coinvestorsqq; Winklevoss Capital; Polychain; Hutt Capital; Third Prime; Block; Galaxy Ventures | $33M | Yellow Card is a U.S.-founded cryptocurrency platform launched in Nigeria in 2019, operating as the largest and first licensed stablecoin on-/off-ramp in Africa, initially serving retail customers in 20 countries with access to crypto and stablecoins like USDT, USDC, and PYUSD using local currencies. The company has pivoted to a B2B focus, supporting around 30,000 companies for treasury management, inflation hedging, and cross-border trade, with partnerships including Coinbase and Block. Transaction volumes surged from $1.7 billion to over $3 billion in a year amid this shift, which began during its $40 million Series B two years prior, valued at $200 million then. On October 16, 2024, Yellow Card raised $33 million in a Series C round led by Blockchain Capital, bringing total funding to $88 million (or $85 million per some reports). Participants included Polychain Capital, Block Inc., Winklevoss Capital, Third Prime Ventures, Castle Island Ventures, Galaxy Ventures, Blockchain Coinvestors, and Hutt Capital. The funds aim to accelerate expansion, develop API and widget products for business access to stablecoins, unveil new products, strengthen the team, and engage regulators across Africa. The company has raised prior rounds: $15 million Series A in 2021 and $40 million Series B in 2023 (or two years ago). This financing validates stablecoin adoption in Africa for fast, affordable payments via open networks, positioning Yellow Card amid economic pressures and mixed regulations—bans in some North African countries, warnings elsewhere, and Nigeria's crypto wallet seizures. |
| Sep 2022 | Series B | Polychain (lead); Sozo Ventures; Pat Duffy; Castle Island Ventures; DG Daiwa Ventures; Jonathan Weiner; Fabric Ventures; Alex Wilson; Third Prime; Keiretsu Capital; Raba Partnership; Valar Ventures | $40M | Yellow Card Financial is a pan-African cryptocurrency exchange founded in 2019 and headquartered in Nigeria. The platform enables users to buy, sell, and trade Bitcoin, Ethereum, stablecoins, and other cryptocurrencies through various payment options via mobile app and web interface, making digital assets accessible across Africa. In September 2022, Yellow Card closed a $40 million Series B funding round led by Polychain Capital, with participation from Valar Ventures, Third Prime Ventures, Sozo Ventures, Castle Island Ventures, Fabric Ventures, DG Daiwa Ventures, The Raba Partnership, and individual investors Jon Weiner, Alex Wilson, and Pat Duffy. This round brought total funding to $57 million and was notably achieved during a crypto market downturn, reflecting investor confidence in the team's execution. By the time of the Series B, Yellow Card operated in 16 African countries including Nigeria, Gabon, Senegal, Rwanda, and the Democratic Republic of the Congo, and had surpassed one million customers by March 2022. The company had also launched Yellow Pay, a crypto-powered cross-border transfer service, and granted stock options to all full-time employees. Management stated the capital would drive business growth, support expansion across the continent, develop new product innovations, and advance strategic partnerships. |
| Sep 2021 | Series A | Castle Island Ventures (lead); Third Prime (lead); Valar Ventures (lead); Coinbase Ventures; GreenHouse Capital; Fabric Ventures; MoonPay; Polychain; Block; BlockFi; Blockchain.com Ventures; Raba Partnership | $15M | Yellow Card is a pan-African cryptocurrency exchange founded in Nigeria in 2019, operating as the largest licensed stablecoin on-ramp/off-ramp across 20+ African countries, enabling users to buy and sell stablecoins like USDT and USDC with local currencies. The company facilitates international payments, treasury management, and USD liquidity for businesses in emerging markets, having processed over $3 billion in transactions. It offers products like Yellow Pay for cross-border value transfers using crypto and APIs for partners including Coinbase and Block to access African markets. In September 2021, Yellow Card raised $15 million in a Series A funding round, the largest ever for an African cryptocurrency exchange at the time, led by Valar Ventures, Third Prime, and Castle Island Ventures. Participating investors included Block (formerly Square), Blockchain.com Ventures, BlockFi, Coinbase Ventures, Fabric Ventures, GreenHouse Capital, MoonPay, Polychain Capital, and Raba Partnership. The funds supported hiring, expansion across the continent, and product development. By March 2022, Yellow Card surpassed 1 million customers. The company continued growth with a $40 million Series B in September 2022 led by Polychain Capital, bringing total funding to $57 million, followed by a $33 million Series C in 2024 led by Blockchain Capital, reaching $88-89.5 million total raised across 5-6 rounds. |
| Aug 2020 | Seed | Andreessen Horowitz; Celo Ecosystem Fund; Polychain | $2M | - |
Who has invested in Yellow Card?
27 investors have backed Yellow Card across its funding rounds, including Polychain, Third Prime, Castle Island Ventures, Valar Ventures, Blockchain Capital and Fabric Ventures.
Lead investors include Blockchain Capital, Polychain, Castle Island Ventures, Third Prime and Valar Ventures.
Yellow Card Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| San Francisco, CA | 5 | Lead | Aug 2020 | |
| United States | 3 | Lead | Sep 2021 | |
| New York City, NY | 3 | Lead | Sep 2021 | |
| San Francisco, CA | 2 | Lead | Oct 2024 | |
 London | 2 | Participant | Sep 2021 | |
| San Francisco, CA | 2 | Participant | Sep 2021 | |
 Cape Town | 2 | Participant | Sep 2021 | |
| New York City, NY | 2 | Lead | Sep 2021 | |
| San Francisco, CA | 1 | Participant | Sep 2022 | |
![](data:image/svg+xml,<svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 20 20"><rect fill="%23e5e7eb" width="20" height="20" rx="4"/></svg>){kind=small} Pat Duffy | Milwaukee, WI | 1 | Participant | Sep 2022 |
| San Francisco, CA | 1 | Participant | Sep 2021 | |
 Tokyo | 1 | Participant | Sep 2022 | |
| London | 1 | Participant | Aug 2026 | |
This data is available for Pro users. Sign up to see all 27 Yellow Card investors. Start Free Trial | ||||
Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples
Sign up to see data on 350K+ funding rounds and disclosed revenue and EBITDA valuation multiples, from seed, through growth stage, to pre-IPO.
Start Free TrialYellow Card Competitors
Yellow Card competitors include listed companies like Block and Coinbase, and private ones like MoonPay, RedotPay, Stripe and Ant Group.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| United States | Publicly listed | $24B | $2.2B | $46B | 1.6x | |
| Dover, DE | Private | $108M | - | $3.4B | - | |
 Hong Kong | Private | $150M | - | $2B | 13.3x | |
| San Francisco, CA | Private | $6.9B | - | $159B | 23.0x | |
 Hangzhou | Private | $25B | - | $79B | 3.2x | |
| United States | Publicly listed | $7.2B | $1.8B | $46B | 7.6x |
Yellow Card Public Comps
Yellow Card is still privately-owned, but its public comps include Strategy, Block, Coinbase, PayPal, Adyen, Global Payments, Circle, Kaspi.kz, BitMine and Paytm.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $477M | ($5.4B) | 149.4x | 144.4x | (13.1x) | (12.3x) | |||
| $24B | $2.2B | 1.7x | 1.6x | 18.6x | 9.4x | |||
| $7.2B | $1.8B | 6.1x | 7.6x | 24.2x | 27.2x | |||
| $33B | $7.2B | 1.4x | 1.4x | 6.6x | 6.9x | |||
| $3B | $1.4B | 6.5x | 6.3x | 13.7x | 11.9x | |||
| $7.7B | $3.2B | 5.4x | 3.6x | 13.1x | 7.8x | |||
| $2.7B | ($73M) | 7.2x | 6.8x | (273.4x) | 29.6x | |||
| $9B | $3.2B | 2.0x | 2.0x | 5.9x | 5.3x | |||
This data is available for Pro users. Sign up to see all Yellow Card competitors and their valuation data. Start Free Trial | ||||||||
Common questions about Yellow Card
| When was Yellow Card founded? | Yellow Card was founded in 2016. |
| Where is Yellow Card headquartered? | Yellow Card is headquartered in Atlanta, GA, United States. |
| Is Yellow Card publicly listed? | No, Yellow Card is a private, VC-backed company. |
| How much funding has Yellow Card raised? | Yellow Card has raised $130M across 5 funding rounds. |
| What was Yellow Card's last funding round? | Yellow Card's last funding round was a $40M undisclosed-stage round in August 2026. |
| Who are Yellow Card's investors? | Yellow Card's investors include Polychain, Castle Island Ventures, Third Prime, Blockchain Capital, Fabric Ventures, Block, Raba Partnership, Valar Ventures, Sozo Ventures, Pat Duffy and 17 others. |
| Which companies are comparable to Yellow Card? | Companies comparable to Yellow Card include Block, MoonPay, RedotPay, Stripe, Ant Group and Coinbase. |
See companies similar to Yellow Card
Start Your
Free Trial Today
Try Multiples for free for 3 days. Got questions or need a demo? Schedule a call with us below.