AUS
NZ
UK
CA
USA
IND
.jpg)
Highlights
- MoonPay is a Fintech company that allows people to buy or sell cryptos using credit cards, mobile wallets and bank transfers.
- Though established in 2018 only, the Miami-based company has been attracting serious attention after it raised US$555 million in its debut financing round.
- MoonPay's funding round was headed by Tiger Global and Coatue.
MoonPay is a Fintech company that allows people to buy or sell cryptos using credit cards, mobile wallets and bank transfers. Though established in 2018 only, the Miami-based company has been attracting serious attention after it raised US$555 million in its debut financing round. The self-proclaimed 'gateway to digital assets' company has gone from strength to strength. This latest financing round will help it mark as one of the leading companies offering similar services.
Why is MoonPay gaining attention?
MoonPay, co-founded by Ivan Soto-Wright and Victor Faramond aims to address the limitations of crypto wallets. The company's all-equity Series A round was led by Coatue and Tiger Global that valued the firm at $3.4 billion.
Also read: JASMYCoin gains volume following Binance listing
Strong ambitions for MoonPay
MoonPay has been growing ever since its launch. The company had hit US$150 million in annual revenue in 2021, with its volumes growing substantially from 2020. With robust security measures in place, MoonPay has processed more than US$2 billion in transactions to date. With a customer base of more than 7 million. Recently, MoonPay was in the news due to Phantom Wallet allowing Solana Purchases via MoonPay.
MoonPay now aims to utilise funding to explore the M&A, expand the geographic locations and enhance payment methods. Currently, besides its payment services, MoonPay also sells technology to leading crypto websites and the NFT marketplace OpenSea.
MoonPay is also aggressive about its NFT plans and is currently in process of beta testing with leading NFT marketplace such as OpenSea, Dapper Labs etc.
With larger ambitions in place, co-founder Soto-Wright aims to make crypto cryptos accessible for all by 2030.
Also read: Is it the right time to invest in an IRIS crypto?
Competition with PayPal?
With its ability to provide crypto payment services, MoonPay has often been considered similar to PayPal, and as PayPal, earlier this year launched its crypto services, MoonPay will need to step up to face the competition from it.
Soto-Wright isn't breaking a sweat. Describing PayPal as a "walled garden", he said MoonPay has far more utility value than PayPal, which does not provide users control of their assets. He believes that it's pivotal for customers to have control of their private keys and passwords to access their funds.
All in all, Monday has made the right noise, and this latest funding round should help it to establish itself strongly in the market and give good competition to its competitors. As an ambitious company, it has the potential, and with the plans of IPO, we could very well see it launching its crypto as well.
