Crypto Payments Firm MoonPay Raises $555M With A 3.4B Valuation
MoonPay today announced a $555 million Series A round led by Tiger Global and Coatue. The investment round values the company at $3.4 billion.
MoonPay, a payment infrastructure provider for crypto companies, has raised $555 million in an all-equity Series A round led by Coatue and Tiger Global that values the firm at $3.4 billion. The funds will be used to hire people, expand geographic coverage and add more payment methods.
Venture capital firms Blossom Capital, Thrive Capital, Paradigm, and NEA also participated in the equity-only round, which brought Moonpay’s post-money valuation to $3.4 billion—just a mere two and a half years after the company’s inception.
MoonPay allows users to pay for crypto and digital assets via card, Apple Pay, Google Pay and even open banking. Since its launch in 2019, the company has facilitated transactions in over 90 cryptocurrencies, building a user base of over 7 million.
Ivan Soto-Wright, co-founder and CEO of MoonPay commented:
“There are companies that can help us move faster in certain geographies or help improve certain components of the infrastructure stack.
We want to bring a billion people into the crypto economy by 2030. We can do that faster by partnering with other companies.”
MoonPay User Growth
According to the company, to date it has processed over $2 billion in transactions, while also establishing more than 250 partnerships in 160 countries and reaching seven million customers.
With the money raised, MoonPay plans to continue its expansion to markets as new payment methods will enable the firm to reach new customers, while also growing its team.
Matt Huang, co-founder and managing partner of Paradigm commented:
“Crypto is growing rapidly, but bringing aboard the next billion people requires services that make it even easier to access.
MoonPay has built a simple and secure way for people globally to participate in this new economy.”
NFT Marketplaces
In addition to cryptocurrency conversion, MoonPay is also targeting the market for non-fungible tokens (NFTs). Soto-Wright said:
“The next stage of where we’re going is really trying to focus on a new emerging movement around NFTs, which we think are going to be a very big area where more and more people will be onboarded into the crypto economy.”
MoonPay is working on a way to streamline the checkout process on NFT marketplaces. MoonPay has started to roll this solution out in beta testing with several partners.
One notable partnership in this space includes OpenSea, the world’s largest marketplace for NFTs, which has processed roughly $10.5 billion in transaction volume since August. The platform integrated MoonPay to provide its users a simple, fast and safe way to buy and sell digital assets.
MoonPay’s NFT ambitions received a high-profile endorsement last week. In a new music video, musician Post Malone can be seen purchasing a Bored Ape NFT using MoonPay.
MoonPay also received a shout out from talk show host Jimmy Fallon during his interview with digital artist Beeple. Fallon used the company’s services to buy his first NFT.
