Crypto start-up MoonPay hits $3.4bn valuation

MoonPay will use the funding to accelerate international expansion and pursue new payment methods

MoonPay co-founders Victor Faramond and Ivan Soto-Wright                                 
MoonPay co-founders Victor Faramond (left) and Ivan Soto-Wright (right) – Photo: MoonPay
                                

Crypto payments start-up MoonPay has raised an impressive $555m (£415m) Series A funding round, which brings the firm’s post-money valuation to $3.4bn. 

The 18-month-old Miami-based company plans to use the funding to accelerate its international expansion plans and pursue new payment methods for its users. 

The financing round was led by Tiger Global Management and Coatue, with participation from Blossom Capital, Thrive Capital, Paradigm and NEA. 

On a mission to democratise crypto economy

Since 2019, MoonPay has processed more than $2bn in transactions and currently has more than seven million users. It recently expanded its list of accepted currencies to over 30 fiat and 90 cryptocurrencies, and recorded an impressive 35x growth in transaction volume.

Users are given an easy entry point into the crypto market where they can convert traditional fiat currencies to cryptocurrencies with all major payment methods.

“We set out to democratise access to the crypto economy by providing the tools for businesses to onboard new users with magical product experiences," MoonPay co-founder and CEO Ivan Soto-Wright said in a company blog post

“We are on a mission to help billions of people access trillions of dollars of digital value over the next decade and beyond,” Soto-Wright added.

High hopes for MoonPay

Kris Fredrickson, managing partner at Coatue, commented: “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.”

According to the firm, the Series A is the largest and highest-valued round for any bootstrapped crypto company globally.

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