Crypto payments infrastructure provider MoonPay Inc. has generated $555 million in an all-equity Series A funding round, driving the 2-year-old company’s valuation to $3.4 billion, according to a Monday (Nov. 22) press release. The funding round was led by Tiger Global Management and Coatue, with contributions from Blossom Capital, Thrive Capital, Paradigm and NEA.
As PYMNTS reported last month, MoonPay was projected to reach a $3.4 billion value following the conclusion of its first round of venture capital funding.
See also: Crypto Trading Platform MoonPay Seeks $3.4B Valuation
This latest funding round will be earmarked for continued growth, specifically to step up global expansion, hire employees and support future advancements in the crypto space, according to the announcement. In addition, the latest funding round helps MoonPay stay on track with its goal of giving another billion people access to cryptocurrencies by 2030.
Since its founding in 2019, the company has processed more than $2 billion in transactions for its 7 million users, secured more than 250 partners across 160 countries and has transacted more than 30 fiat currencies and more than 90 cryptocurrencies, according to the announcement.
“We set out to democratize 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,” said MoonPay co-founder and CEO Ivan Soto-Wright. “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 democratize finance and continue to expand across all markets — offering new payment methods and reaching new customers.”
MoonyPay’s platform allows its users to buy and sell cryptocurrencies and digital assets using debit and credit cards, as well as local bank transfers, among other traditional payment methods, according to PYMNTS.
In July, MoonPay began using Worldpay from FIS to process credit and debit card purchases, sales of cryptocurrencies, as well as nonfungible tokens (NFT).
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