Not bad for a two and half-year-old company.
MoonPay, which provides crypto payments infrastructure, has raised a $555m Series A equity funding round, valuing the company at a $3.4bn valuation.
The company was founded in 2019, and has not previously raised external capital.
The round, led by Tiger Global Management and Coatue, with participation from Blossom Capital, Thrive Capital, Paradigm, and NEA. The new cash will be used to fund growth including rapidly accelerating plans for global expansion as well as making a raft of senior hires.
MoonPay’s payment infrastructure provides an entry point into the cryptocurrency market for the likes of Bitcoin.com by allowing people to transact from traditional fiat currencies to cryptocurrencies using all major payment methods including debit and credit card, local bank transfers, Apple Pay, Google Pay, and Samsung Pay.
The company has also been moving into the NFT (non-fungible token) space with a solution used by companies such as OpenSea, the largest marketplace for NFTs, allowing the buying and selling of any digital asset.
Since its inception says it has processed more than $2bn in transactions through 250 partners across 160 countries with an underlying customer base of more than 7 million users.
Since 2020, it says transaction volumes have grown more than 35 times.
Ivan Soto-Wright, co-founder and CEO of MoonPay, says the company ultimately acts as a “bridge” between traditional finance and crypto.
“We set out to democratise the crypto ecosystem by creating a foundation that helps entrepreneurs around the world accelerate their time to market from 12 months or more to a matter of weeks. We’re now on our way to help to create trillions of dollars worth of digital value over the next decade.”
“Our work, however, is far from finished. This fundraise will support us in our mission to fully democratise finance and continue to expand across all markets – offering new payment methods and reaching new customers. We look forward to growing our team as part of this goal and leading integration into the crypto economy.”