Onboard

About Onboard

Onboard is a multi-currency financial platform designed for digital nomads, freelancers, creators, and global professionals who need to manage money across borders. Built by Nestcoin, a Nigerian Web3 company, Onboard combines virtual USD cards, US bank accounts, a DeFi wallet, and crypto exchange into a single mobile app, enabling users to get paid, spend, save, and invest without traditional banking limitations.

Nestcoin was founded in 2021 by Yele Bademosi (formerly of Binance and Bundle) and is headquartered in Lagos, Nigeria, with the parent company Nestcoin Holding Limited registered in the British Virgin Islands. The company initially operated as a Web3 incubator before pivoting to focus exclusively on Onboard following the FTX collapse in November 2022, which affected a significant portion of Nestcoin's $6.45 million pre-seed funding.

In September 2023, Nestcoin raised $1.9 million in strategic funding led by Hashed Emergent, with participation from Base Ecosystem Fund (Coinbase), Adaverse, Alter Global, CMT Digital, Magic Fund, and 4DX Ventures. In September 2024, Onboard launched version 2.0 with additional funding from Coinbase Ventures and LAVA. Total funding across rounds is approximately $8.35 million.

Notable investors include Coinbase Ventures, Base Ecosystem Fund, Hashed Emergent, Social Capital, Electric Capital, HashKey Capital, A&T Capital, Distributed Global, Serena Ventures, CoinFund, CMT Digital, Konvoy, MSA, Raba Capital, Old Fashion Research, Future Africa, Adaverse, Alter Global, Musha Ventures, and Sunu Capital. Angel investors include Sandeep Nailwal (Polygon), Ed Moncada, Meltem Demirors, Nishal Shetty, Amy Wu, and others.

Onboard operates under multiple regulatory frameworks:

• Gopay Financial Services Inc. (Canada): FINTRAC MSB registration (C100000565), operating as "Onboard Pay"
• Onboard Digital (USA): FinCEN MSB registration (31000293152346)
• Nestcoin Europe Sp. z o.o. (Poland): VASP registration (RDWW-1639) in EU Virtual Currency Business Activity Register

The platform has processed transactions for users across Africa, Asia, and globally, with a particular focus on emerging markets like Nigeria, Kenya, Ghana, Uganda, Indonesia, Philippines, and Mauritius.

Onboard Virtual USD Card

The Onboard Virtual USD Card is a Visa-powered prepaid card that allows users to spend cryptocurrency (stablecoins) and fiat currency at any merchant accepting Visa worldwide. The card is available in virtual format only, making it ideal for online purchases, subscriptions, and digital services.

Users can fund the card from multiple sources:

• Local bank account transfers
• Onboard Wallet balance (crypto/stablecoins)
• External wallets (Binance, Coinbase, MetaMask, etc.)
• USD Virtual Account deposits

The card converts stablecoins (USDC/USDT) to USD for spending, eliminating the need for centralized exchange withdrawals. All transactions are tracked in real-time through the Onboard mobile app.

Fees & Pricing

Fee Type	Amount
Card Creation	$3 (one-time)
Monthly Maintenance	Free
Minimum Deposit	$1
Transaction Fee	2% + $0.50 (FX fee)
ATM Withdrawal	Not available (virtual only)
Card Funding Fee	1%

USD Virtual Account Fees:

Fee Type	Amount
Account Activation	$5 (from first deposit)
Deposit Fee	1%
Minimum Funding	$5
Wire Transfer Fee	Additional $20
Maintenance Fee	Free

Exchange Fees (Onboard Pay):

Transaction Type	Fee
Buy stablecoins (<$1,000)	1.0%
Buy stablecoins ($1,000-$4,999)	0.75%
Buy stablecoins ($5,000-$9,999)	0.5%
Buy stablecoins (>$10,000)	0.35%
Sell stablecoins	1.1%

Transaction Limits

Limit Type	Amount
Daily Spending	$5,000 USD
Single Transaction	Varies
Monthly ATM	N/A (no ATM access)

USD Virtual Account

Onboard provides a dedicated USD Virtual Account with US bank details (routing number + account number) in your name, enabling:

• ACH transfers (same-day processing)
• Wire transfers (FedWire)
• Direct deposits from employers and clients
• Payment platform integrations (Upwork, Fiverr, YouTube, Patreon)

Funds received are credited to your Onboard USD wallet and can be:

• Transferred to Onboard virtual card for spending
• Withdrawn to local bank accounts
• Converted to stablecoins (USDC/USDT)
• Sent to external crypto wallets

DeFi Wallet

Onboard features a self-custody (non-custodial) wallet described as "seedless," meaning users access their wallet with username and password rather than a 12-word seed phrase. This addresses the complexity barrier of traditional self-custody wallets like MetaMask and Trust Wallet.

Features include:

• True asset ownership (no middlemen)
• Multi-chain support (Ethereum, Base, Arbitrum, Optimism, Polygon)
• Direct crypto-to-fiat conversion without centralized exchanges
• NFT storage and management
• Token swaps within the app
• Instant transfers to Onboard contacts (free, via email)

Supported Assets

Stablecoins:

• USDC (Ethereum, Arbitrum, Base, Optimism, Polygon)
• USDT (Ethereum)

Fiat Currencies:

• USD (US Dollar)
• EUR (Euro)
• NGN (Nigerian Naira)
• KES (Kenyan Shilling)
• GHS (Ghanaian Cedi)
• UGX (Ugandan Shilling)
• MUR (Mauritian Rupee)
• IDR (Indonesian Rupiah)
• PHP (Philippine Peso)

Cryptocurrencies:

• BTC (Bitcoin)
• ETH (Ethereum)
• Additional tokens via DeFi wallet

Exchange & P2P Trading

Onboard P2P:

• Peer-to-peer crypto trading with local currency
• Purchases under $100 available without KYC
• Integrated with Coinbase Wallet for Nigerian users
• Escrow protection for secure trades

Onboard Direct:

• Instant crypto-to-fiat conversion
• Direct bank account withdrawals
• Same-day settlement for supported countries

Onboard Pay:

• EUR/USD to stablecoin conversion
• SEPA transfers (EUR)
• ACH and FedWire transfers (USD)
• No third-party payment support (own-name accounts only)

Geographic Availability

Onboard is available in most jurisdictions except sanctioned countries and high-risk regions. Primary markets include:

Local Bank Withdrawal Support:

• Nigeria 🇳🇬 (NGN)
• Kenya 🇰🇪 (KES)
• Ghana 🇬🇭 (GHS)
• Uganda 🇺🇬 (UGX)
• Mauritius 🇲🇺 (MUR)
• Indonesia 🇮🇩 (IDR)
• Philippines 🇵🇭 (PHP)

USD/EUR Support:

• United States (ACH, FedWire)
• European Union (SEPA)
• Canada

The virtual card can be used globally wherever Visa is accepted online.

Key Features

• All-in-One App: USD accounts, virtual cards, DeFi wallet, and exchange in one platform
• Seedless Wallet: Self-custody without complex seed phrase management
• Instant Virtual Card: Get card details immediately after KYC
• USD Account in Your Name: Receive ACH and wire transfers like a US resident
• Direct Crypto Off-Ramp: Convert to local currency without centralized exchanges
• Real-Time Tracking: Monitor spending and transactions instantly
• Multi-Currency Support: Manage USD, EUR, and local currencies
• Base Chain Integration: Built on Coinbase's Layer 2 for low fees
• P2P Trading: Buy/sell crypto with local payment methods
• No Seed Phrase Required: Username/password access to self-custody wallet

Ideal For

• Freelancers receiving international USD payments
• Remote workers paid by US companies
• Content creators (YouTube, Patreon, TikTok monetization)
• Digital nomads managing multi-currency finances
• Crypto earners needing fiat off-ramps
• African users seeking USD account access
• Developers and builders in the crypto ecosystem
• Anyone needing virtual cards for online subscriptions

Not Suitable For

• Users requiring physical cards (virtual only)
• Those needing ATM cash withdrawals
• Users seeking cashback rewards programs
• Apple Pay/Google Pay users (not supported)
• High-volume traders (limited crypto selection)
• Users in sanctioned or restricted countries
• Those wanting multiple virtual cards (one card limit)

Pros

• All-in-one platform for USD accounts, cards, wallet, and exchange
• Backed by Coinbase Ventures and Base Ecosystem Fund
• Self-custody wallet without seed phrase complexity
• USD Virtual Account with real US banking details (ACH/Wire)
• Free card creation ($3) and no monthly maintenance fees
• Low crypto-to-fiat conversion cost (~0.35% + gas)
• Direct bank withdrawals without centralized exchange
• Instant virtual card issuance after KYC
• P2P trading integrated with Coinbase Wallet
• Real-time transaction tracking
• Licensed in US (FinCEN), Canada (FINTRAC), and EU (Poland VASP)
• Support for African and Asian local currencies
• Strong investor backing ($8.35M+ total funding)
• Active community on Farcaster, Twitter, Telegram
• Quick customer support (under 5 minutes claimed)
• Dedicated Relationship Manager for $1K+/month users
• Base chain integration for low transaction fees
• No hidden fees on deposits (USD account)

Cons

• Virtual card only (no physical card option)
• No ATM withdrawals possible
• No cashback or rewards program
• No Apple Pay or Google Pay integration
• Limited to 2 cryptocurrencies on card (USDC, USDT)
• 2% + $0.50 foreign exchange fee on card transactions
• $5,000 daily spending limit (lower than competitors)
• One virtual card per user limit
• Prepaid model requires pre-loading (no instant conversion at POS)
• Lesser-known brand (smaller than major competitors)
• FTX collapse impacted parent company finances (2022)
• Third-party payments not supported on Onboard Pay
• $20 additional fee for wire transfers
• Some users report card declines for certain merchants

Alternatives

• Payoneer – Established USD account for freelancers, physical Mastercard
• Wise – Multi-currency accounts, debit card, 50+ currencies
• Mercury – US business banking for startups, debit card
• KAST – Stablecoin spending card, Apple Pay, cashback
• Holyheld – DeFi-native card, self-custodial, 15 chains
• Chipper Cash – Africa-focused, cross-border payments