Record Investment in Payments Infrastructure Company Accelerates Global Adoption of Digital Assets by Giving the Next Billion People Access to the Crypto Economy
MoonPay Inc, the leading crypto payments infrastructure provider, announced it has closed a $555 million Series A financing round led by Tiger Global Management and Coatue with participation from Blossom Capital, Thrive Capital, Paradigm, and NEA. The sizable round brings the bootstrapped and profitable company’s post-money valuation to $3.4 billion, enabling it to rapidly accelerate its global footprint, further invest in its world-class team, and underwrite an expanding number of innovations in the crypto economy.
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“We are delighted to back Ivan and the world-class team at MoonPay,” said John Curtius, partner at Tiger Global. “We spoke to many of the company’s customers during diligence who highlighted MoonPay’s compelling user experience and expressed conviction in the company’s market leadership. MoonPay has already established itself as an iconic company as it better enables the world to participate in the crypto economy.”
MoonPay is trusted by leading cryptocurrency, digital asset and blockchain technology companies including Bitcoin.com, which deployed MoonPay to help scale revenue by more than 500%. The company’s fiat-to-crypto on-ramp powers more than 250 wallets, websites and applications in more than 160 countries and has processed more than $2 billion in transactions to date.
“MoonPay is the world’s largest provider of crypto payments infrastructure that enables any organization to bridge traditional finance and crypto,” said MoonPay co-founder and CEO Ivan Soto-Wright. “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.”
While crypto is still in its early stages, adoption is rapidly accelerating and more traditional businesses are embracing its potential. The process to develop an in-house compliance and payments technology stack for crypto is expensive, complex, and requires years of runway that can hinder entrepreneurs and established businesses alike, thus delaying their time to market. Challenges include regulatory and compliance bottlenecks, fraud concerns among traditional payment providers, and access to various currencies and custody requirements. These are the exact challenges that MoonPay addresses and solves for its partners.
“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,” said Kris Fredrickson, managing partner at Coatue. “We think that the crypto economy 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.”
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Cryptocurrencies, digital assets and blockchain technology hold the potential to completely transform the way governments, businesses and individuals create, measure, transfer, and store value. While several obstacles impede widespread global adoption of these technologies, two of the biggest are an easy access on-ramp to convert fiat currency into digital assets, and compliance with complex, global “Know Your Customer” (KYC) and “Anti Money Laundering” (AML) regulations.
The company’s comprehensive offering of KYC, payment processing, crypto liquidity and delivery, fraud prevention, regulatory licenses, ecosystem identity verification, and custom checkout flows provides seamless support to businesses so that they, in turn, can offer their customers the ability to buy and sell digital assets quickly in a very user-friendly way. MoonPay also helps consumers establish an identity that, once verified, can be used across the entire MoonPay ecosystem without having to repeat a cumbersome onboarding process.
“Crypto is growing rapidly, but bringing aboard the next billion people requires services that make it even easier to access,” said Matt Huang, co-founder and managing partner of Paradigm. “MoonPay has built a simple and secure way for people globally to participate in this new economy.”
Beyond crypto, MoonPay’s NFT (non-fungible token) solution has been increasingly gaining traction in the NFT space that has seen explosive growth recently. Companies such as OpenSea, the largest marketplace for NFTs, rare digital items and crypto collectibles, trust MoonPay to provide users a simple, fast and safe way to buy and sell any digital asset. This is part of a strategy to merge the creator economy with the crypto economy so that artists reap greater rewards from their hard work. Most recently, artists like Post Malone and celebrities like Jimmy Fallon have dipped their toes into the NFT space using MoonPay.
“MoonPay gives users the quickest and easiest passport to the crypto-economy by seamlessly transitioning them from the old world economy to the new. Every day we’re seeing new innovative web3 applications, across finance, art, music and much much more, enabled by MoonPay’s world-class infrastructure,” said Ophelia Brown, founder and Managing Partner of Blossom Capital. “The growth, scale and ambition of the company is astounding and truly unique. Despite already having reached such heights, we believe this is just the beginning for the team. MoonPay is building a once in a generation company that will open up the crypto economy to the billions and will forever be considered a pioneer in its evolution.”
In just 2.5 years since it was established, MoonPay has:
- Processed more than $2 billion in transactions
- Seen more than 35x growth in transaction volume
- Consistently achieved more than 30% monthly revenue growth
- Built a customer base of more than 7 million users
- Grown its partner ecosystem by more than 5x
- Facilitated more than 30 fiat currencies and more than 90 cryptocurrencies
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