The round valued the provider of crypto payments infrastructure at $3.4 billion post-money.

MoonPay, which refers to itself as the PayPal for crypto, announced its massive Series A of $555 million led by Tiger Global Management and Coatue with participation from Blossom Capital, Thrive Capital, Paradigm, and NEA. The hitherto bootstrapped startup, which is already profitable, secured a valuation of $3.4 billion in the round. The company sets up the interfaces between fiat channels of finance and crypto entities – a so-called “fiat to crypto on-ramp.” (MARKETS INSIDER)

Crypto “on-ramp”

“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 said in a statement.

For instance, Bitcoin.com could scale its revenue by over 500% after deploying MoonPay’s solution.

According to Bloomberg, the startup plans to hire an additional 200 people at its Miami HQ and at global locations.

Apart from crypto, MoonPay also offers a NFT solution, and it counts companies such as OpenSea, the largest marketplace for NFTs, rare digital items and crypto collectibles, among its clients.

Rapid growth

It’s been a mere 2.5 years since MoonPay launched. In that period, transaction volume has grown 35X and revenue has jumped on average by 30% month-on-month.

Now having more than 7 million users, the company has processed more than $2 billion in transactions since its founding.

“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.”

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