Yellow Card acquires Brazil-based virtual asset provider GoMoney

Yellow Card has acquired Brazilian virtual asset service provider GoMoney Sociedade Prestadora de Serviços de Ativos Virtuais.

Financial details of the transaction were not disclosed.

In a statement, the stablecoin payments infrastructure provider said the purchase “establishes Yellow Card’s direct operations in Brazil”.

The deal will also strengthen the company’s presence in Latin America as part of its strategy to expand its global financial infrastructure network, Yellow Card added.

Founded in 2018 and headquartered in São Paulo, GoMoney will operate as a wholly owned subsidiary of Yellow Card. Its founders will remain in leadership roles.

The company has applied to the Banco Central do Brasil (BCB) for authorisation to operate as a virtual asset service provider.

Yellow Card said GoMoney continues to operate under Brazil’s transitional regime for virtual asset service providers while the BCB reviews its application.

GoMoney founder and chief executive Maurício Pires said: “We have spent the last eight years building a virtual asset service provider business in Brazil focused on using stablecoins as a means of effecting cross-border payments, similar to what Yellow Card has been doing in Africa and globally over the same period.

“We are excited to become part of the Yellow Card team, and look forward to expanding our business in Brazil and throughout Latin America.”

Through GoMoney, Yellow Card will offer local collections and disbursements in Brazilian reais, including transactions through Pix. The business will also provide stablecoin settlement through a locally established provider.

These services will be integrated with Yellow Card’s treasury and liquidity offerings in other markets.

Yellow Card co-founder and CEO Chris Maurice said: “Building global financial infrastructure requires compliance with local frameworks, local payment rails, and local expertise and relationships to operate effectively.

“GoMoney has built a strong foundation in Brazil over the last eight years, and bringing our businesses together will allow us to deliver greater value to customers while accelerating our long-term ambitions.”

The deal follows Yellow Card’s $40m financing in August, which included investments from Standard Chartered Bank and Sony, according to the company.

Yellow Card also cited recent regulatory approvals and registrations in Canada, Switzerland, Nigeria, Ghana, and Zimbabwe.

It also partnered with Mastercard this year to develop stablecoin-enabled payments across Eastern Europe, the Middle East and Africa (EEMEA).