MoonPay, a company that builds payment infrastructure for cryptocurrencies, has closed a Series A financing raise on $555m.
The funding round was led by Tiger Global Management and Coatue and also saw participation from Blossom Capita, NEA, Paradigm and Thrive Capital. This recent capital raise brings the company’s valuation to $3.4bn.
Established in 2019, MoonPay has developed a payment infrastructure that allows users to convert between fiat currencies and cryptocurrencies using all major payment methods including debit and credit card, Apple Pay, Google Pay, Samsung Pay and local bank transfers.
The company is currently active in over 160 countries and is trusted by over 300 wallets, websites and applications to accept payments and fight fraud.
Since its inception, MoonPay has processed over $2bn in transactions, built a customer base exceeding 7 million users, secured over 250 partners across 160 countries and has expanded its list of accepted currencies to over 30 fiat and 90 cryptocurrencies.
According to MoonPay, it will use the new funding to continue its growth, accelerate international expansion and broaden its team. The firm added that the capital will bring it ‘significantly closer’ to achieving its mission of giving the next billion people access to cryptocurrency by 2030.
MoonPay co-founder and CEO Ivan Soto-Wright said, “MoonPay is the world’s largest provider of crypto payments infrastructure that enables any organization to bridge traditional finance and crypto. We set out to democratize access to the crypto economy by providing the tools for businesses to onboard new users with magical product experiences. We are on a mission to help billions of people access trillions of dollars of digital value over the next decade and beyond.”
Coatue managing partner Kris Fredrickson added, “We are excited about the opportunity in crypto, but one of the challenges to mainstream adoption is offering the same seamless experience that users have come to expect from modern internet products. MoonPay has impressed us with its product, infrastructure, and execution. We think that the crypto economy today is growing faster than the internet was at a similar stage of its development and that MoonPay is well-positioned to serve crypto-native innovators and those in traditional finance.”
Crypto management app Gemini recently reached a $7.1bn valuation after the close of a $400m growth equity round, which was its first-ever outside financing.
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