Crypto payments infrastructure company MoonPay has raised $555 million in funding from Coatue and Tiger Global, hitting a $3.4 billion valuation and will use these funds to scale up its crypto payments ambition, according to media reports. Prior to this, the company was bootstrapped and profitable, generating $150 million in revenue this year. MoonPay allows its customers to pay for crypto and digital assets via card, Apple Pay and open banking. Since its inception in 2019, the company has facilitated transactions in over 90 cryptocurrencies, building a user base of over 7 million.
MoonPay Chief Executive Officer Ivan Soto-Wright told the media, “Part of why we’re raising this round is to be able to attract the best talent from anywhere in the world. And we want to expand our coverage. We want to be in more countries. We want to turn on more payment methods.” He also mentioned that the company will add jobs around the world and will add full-stack engineers along with workers for compliance, customer support and business development, more than doubling the current headcount of about 130.
Currently, the company has no plans to go into other product lines to become a crypto super-app. In fact, MoonPay is going to focus on tapping non-fungible tokens (NFTs) capabilities in the entertainment industry and further increasing mainstream adoption of crypto.
MoonPay’s funding is the latest indication of the increasing interest among big-name investors in crypto-focused financial technology. Even though coin prices still remain unstable, varying from one day to the other, many venture capitalists are betting that crypto itself is becoming an unstoppable force and investment in such a platform is a way of betting on the ecosystem without picking favorites from thousands of digital assets.