Nigerian fintech company Yellow Card has expanded its operations into Canada, marking another major step in its transition from an Africa-focused digital asset business into a global financial infrastructure provider.
The expansion is being driven through Alkepay Inc., a wholly owned Canadian subsidiary of Yellow Card. According to the company, Alkepay is registered with the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) as a Money Services Business and with the Bank of Canada as a payment service provider under Canada’s Retail Payment Activities Act.
Through Alkepay, Yellow Card will provide foreign exchange dealing and cross-border funds transfer services to clients in Canada. The move gives the Nigerian-founded company an operating presence in another major financial market and extends its network into North America.
Yellow Card said the Canadian launch builds on infrastructure it has developed for banks, fintech companies and multinational businesses that manage dollars, treasury operations and cross-border payments. The company supports more than 50 currencies and counts Visa, Mastercard, Western Union, Thunes and MoneyGram among its partners.
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Why Canada matters to Yellow Card
Canada gives Yellow Card another market for its business-focused payment infrastructure at a time when the fintech is reshaping its model around institutional and corporate customers.
In July 2026, Yellow Card confirmed that it was closing its consumer-facing mobile application as part of a strategic shift towards institutional-grade stablecoin infrastructure. The company said the decision would allow it to concentrate on treasury, payment and liquidity solutions for businesses. That change is important to understanding why Canada is part of its current expansion.
Under Canada’s Retail Payment Activities Act, payment service providers covered by the law must register with the Bank of Canada before carrying out regulated retail payment activities. Registered providers are subject to supervision covering areas including operational risk and safeguarding of end-user funds.
FINTRAC separately requires money services businesses operating in Canada to register and comply with obligations covering customer identification, record keeping, transaction reporting and anti-money laundering controls. FINTRAC also makes clear that registration does not mean the agency endorses or licences a business.
For Yellow Card, the regulatory structure provides the foundation for offering foreign exchange and cross-border transfer services to Canadian businesses and financial institutions.
Back story: How Yellow Card got here
Yellow Card was founded in 2016 by Chris Maurice and Justin Poiroux. The company launched its first product in Nigeria in 2019, building its early reputation around cryptocurrency access and stablecoin payments.
The founders have pointed to a costly international transfer as part of the company’s origin story. Maurice and Poiroux recounted meeting a man sending $200 from the United States to Nigeria who paid a $90 bank fee. The experience shaped their interest in making cross-border money movement more accessible.
In August 2026, Yellow Card announced a $40 million strategic funding round involving SC Ventures by Standard Chartered, Sony Innovation Fund, Polychain Capital and Blockchain Capital. The company said the funding would support its Global USD Accounts product and expand stablecoin payment rails connecting businesses to markets worldwide. It said the round took total equity financing above $120 million.
Yellow Card also said it had facilitated more than $10 billion in transactions across its network and held relevant licences, authorisations or registrations in 22 jurisdictions at the time of the funding announcement.
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A wider global expansion is underway
Canada is part of a broader international push by Yellow Card. The company has said it is moving beyond its pan-African roots and building a global financial infrastructure business, with strategic hiring in Latin America and Southeast Asia.
It has also strengthened its European regulatory footprint. Earlier in 2026, its Swiss virtual asset service provider, StaaS Fintech Services SA, became affiliated with SO-FIT, a Swiss self-regulatory organisation recognised by FINMA.
At a time when African fintechs are increasingly expanding abroad, the Canadian move shows how technology built around local payment challenges can be adapted for mature international markets.
The next test for Yellow Card will be turning its regulatory footprint, partnerships and capital into sustained growth. Its latest move makes one thing clear: the company is no longer simply expanding an African crypto platform. It is building a global payments infrastructure business with its African experience still at the centre.
