Global crypto payments infrastructure provider MoonPay announced on Monday that it had reached a $3.4bn (£2.5bn) valuation after raising $555 in a Series A funding round.
The financing round was led by Tiger Global Management and Coatue, with participation from Blossom Capital, Thrive Capital, Paradigm, and NEA.
The equity-only round will be used to drive exponential growth for the company, MoonPay said.
Since 2020, the crypto payment firm has experienced unprecedented growth in transaction volume. It has processed more than $2bn in transactions, secured more than 250 partners across 160 countries, and facilitated 30 fiat currencies and 90 cryptocurrencies, the company said in a statement.
The company has more than 7 million users worldwide.
MoonPay’s payment infrastructure interface provides the tools and licenses required to securely process crypto payments and is used by crypto companies such as Bitcoin, which has utilised the platform to help raise its revenue by more than 500%, according to the company.
Ivan Soto-Wright, co-founder and CEO of MoonPay, said: "MoonPay is the world’s largest provider of crypto-payment infrastructure that helps any organisation bridge traditional finance and crypto.
"We set out to democratise the crypto ecosystem by creating a foundation that helps entrepreneurs around the world accelerate their time to market from 12 months or more to a matter of weeks. We’re now on our way to help to create trillions of dollars worth of digital value over the next decade."
John Curtius, partner at Tiger Global, added: "We are delighted to back Ivan and the world-class team at MoonPay. We spoke to many of the company’s customers during diligence who highlighted MoonPay’s compelling user experience and expressed conviction in the company’s market leadership.
"MoonPay has already established itself as an iconic company as it better enables the world to participate in the crypto economy."
MoonPay also offers a non-fungible token (NFT) solution has been increasingly gaining traction in the fast-growing NFT world. Companies such as OpenSea, the largest marketplace for NFTs, rare digital items and crypto collectibles, use MoonPay to give users a way to buy and sell any digital asset.