Miami cryptocurrency infrastructure provider MoonPay saw its valuation blast up to $3.4 billion after raising more than half a billion dollars from investors.
The company announced it raised $555 million in a series A financing round led by New York investment firms Tiger Global Management and Coate. The capital will help MoonPay scale its global footprint and give more people access to the emerging crypto economy, said 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," he said. "We are on a mission to help billions of people access trillions of dollars of digital value over the next decade and beyond.”
Venture capital firms Blossom Capital, Thrive Capital, Paradigm and NEA also participated in the financing round.
MoonPay reports it is the world's largest provider of cryptocurrency payments infrastructure, enabling businesses to bridge traditional finance and crypto. The software developer, which creates products that let people buy and sell cryptocurrencies using credit cards, bank transfers and mobile wallets, reports it has processed more than $2 billion in transactions to date.
The company says it's on a mission to introduce "the next billion people" to the crypto economy by 2030 by making it easier to access. MoonPay says its software can give businesses access to the infrastructure they need to buy and sell cryptocurrency while staying compliant with regulators, a more affordable alternative to developing their own in-house compliance and payments technology.
"We think that the crypto economy today is growing faster than the internet was at a similar stage of its development and that MoonPay is well-positioned to serve crypto-native innovators and those in traditional finance," said Coatue Managing Partner Kris Fredrickson.
Founded in 2018 and bootstrapped until now, MoonPay is active in 160 countries and used by at least 250 cryptocurrency wallets, websites and applications. While CEO Soto-Wright and some executives are based in Miami, the firm is a remote-first venture with 121 employees across the globe.
For more stories like this one, sign up for Miami Inno newsletters from the South Florida Business Journal and the American Inno network.
