Fintech company MoonPay, which provides tools for cryptocurrency payments, revealed raising $555 M in the Series A funding round. Thus, the company's valuation reached $3.4 B.
Related: Paradigm launches venture fund to invest in crypto projects
Per the blog post published by the firm, the team is going to use the funds to invest in global expansion and find new talents. The round was led by the technology-focused investment companies Coatue and Tiger Global. Among participants were Paradigm, Blossom Capital, New Enterprise Associates (NEA), Thrive Capital, and others.Released in 2019, MoonPay follows a goal to make crypto services accessible to a billion people or more by 2030. It offers an easy way to enter the crypto market, enabling users to change their fiat to crypto using common payments methods such as bank cards, Apple Pay, etc.
The co-founders of the firm are Ivan Soto-Wright and Victor Faramond. From the time of its launch, the company has conducted over $2 B in transactions, cooperated with over 250 firms from various countries, and gained a customer base of over 7 M users.
In the last 2 years, MoonPay's transaction volume has gone up 35X and the firm’s revenue by 30%. Along with this, the company expanded the number of accepted currencies to more than 30 fiat and 90 cryptos, including NFTs. In the future, MoonPay plans to add more assets to the list.