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Crypto payments infrastructure provider MoonPay has raised $555 million in a Series A funding round, bringing its post-money valuation to $3.4 billion, the company said in a blog post on 22 November.

According to the announcement, the equity-only funding round was led by investment firm Tiger Global and investment manager Coatue, and also saw participation from Blossom Capital, Thrive Capital, Paradigm, and New Enterprise Associates (NEA). The $555 million raised in the Series A is the first funding secured by MoonPay since it was founded in 2019. The CEO and co-founder of MoonPay, Ivan Soto-Wright, said in a statement:

“MoonPay is the world’s largest provider of crypto payments infrastructure that enables any organization to bridge traditional finance and crypto. 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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The newly acquired funds will not only help the company accelerate its international expansion and hire new talent, but also add more payment methods. The investment will also allow MoonPay to pursue mergers and acquisitions that can help it improve “certain components of the infrastructure stack”.

While the company was founded less than 3 years ago, it has already processed over $2 billion in transactions, and secured more than 250 partners across 160 countries. It has also build a user base of over 7 million, and expanded its list of accepted currencies to more than 30 fiat and 90 cryptocurrencies.

MoonPay’s payment infrastructure allows people to convert fiat to crypto using “all major payment methods”, and is used by companies such as Bitcoin.com and NFT marketplace OpenSea. It also provides all the tools and licenses needed to access the crypto economy, such as KYC checks, payment processing, crypto liquidity and delivery, fraud prevention, and custom checkout flows.

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