Yellow Card 的 B2B 稳定币转型：从 17 亿美元到 30 亿美元以上交易量，C 轮融资 3300 万美元

做的是什么生意

A licensed stablecoin on/off-ramp and payments infrastructure provider: businesses and fintechs use it to access US dollars, manage treasury and move money across borders via stablecoins and fiat settlement rails.

启动资金：At least $88M by the 2024 Series C ($33M led by Blockchain Capital, with Polychain, Block, Galaxy, Castle Island and others); $120M+ total equity by 2026.

起因

Founded in 2016 by Chris Maurice and Justin Poiroux, Yellow Card launched in Nigeria in 2019 as a Bitcoin exchange. It grew to 1 million customers by 2021, but the founders saw that serving small retail users was incredibly costly: every customer still required sanction screening, KYC and chain analysis, while volumes were too small and margins too thin to sustain the business.

经过

The pivot began around the $40M Series B in 2022: Yellow Card raised minimum transaction amounts to deliberately shrink its broad retail base and appeal to businesses using the platform to manage treasury and access stablecoins. The bet compounded — by October 2024 it served about 30,000 businesses across Africa and internationally, transaction volumes had climbed from $1.7B (early 2023) to over $3B, revenue was up sevenfold since January 2023, and Blockchain Capital led a $33M Series C alongside Polychain, Block, Galaxy Ventures and others.

结果

Still scaling: as of August 2026 Yellow Card operates across more than 50 markets worldwide, has raised over $120M in total equity, holds a South African CASP licence and a Swiss anti-money-laundering affiliation, and counts Visa, Mastercard, Western Union, Thunes and MoneyGram as partners — while expanding into Latin America and Asia-Pacific.

可借鉴之处

当服务小客户的成本超过其带来的收益，解决办法不是加强营销，而是重新定位，让同一套基础设施服务于交易量足够大、能够覆盖合规成本的客户群体。