Leading crypto payments infrastructure provider, MoonPay has closed Series A funding with a whopping $555 million record investment.
This brings the company’s valuation to $3.4 billion. With a customer base of over 7 million users, MoonPay is certainly heading to the moon.
The investment round was led by Tiger Global Management and Coatue with participation from Blossom Capital, Thrive Capital, Paradigm, and NEA. The funding will be used to expand into new markets, hire more people to their team and explore M&A opportunities.
What’s MoonPay?
Founded less than three years ago, the 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.
Their on-and-off-ramp suite of products is used to provide a seamless user experience for converting between fiat currencies and cryptocurrencies using all major payment methods including debit and credit card, local bank transfers, Apple Pay, Google Pay, and Samsung Pay.
MoonPay builds payments infrastructure for crypto, providing individuals and businesses with easy access to the crypto economy. For companies, it specifically provides firms in the crypto space KYC, payment processing, liquidity and delivery, fraud prevention, regulatory licenses, ecosystem identity verification, and custom checkout flows.
They also partner with leading blockchains and crypto projects in the ecosystem such as Solana, Algorand, and Ledger to provide advanced payment infrastructure.
NFTs upcoming
MoonPay has more recently made a move into the land of NFTs, where some of the top marketplaces such as OpenSea trust it to provide an effective way to buy and sell digital assets.
It is helping to bridge the digital and physical world by facilitating NFT payments for leading fashion brands like Dolce & Gabbana and UNXD, a luxury digital marketplace for NFTs.
The sizable round of investment is enabling it to rapidly accelerate its global footprint into different geographies, further invest in its team, and maintain a leading market position for facilitating payments in the crypto world.
As more traditional businesses embrace the potential of crypto assets, MoonPay is positioning itself ahead of the payment pack, developing easy-to-use technology solutions that alleviate the complexity and expense that often comes when businesses are trying to get involved in the crypto economy.
MoonPay uses its platform and tools to reduce bottlenecks holding up the advancement of projects wishing to expand into the world of crypto.
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