Fomo has successfully secured $75 million in a Series B funding round, resulting in a valuation of $550 million for the crypto trading platform, which has attracted over 625,000 users and reached $4 billion in trading volume in its first year.
Summary
- Fomo raised $75 million in a Series B round led by Index Ventures, achieving a valuation of $550 million.
- The platform has accumulated 625,000 users, processed $4 billion in trading volume, and enabled 110 million interactions.
- This funding comes at a time of heightened venture interest, with notable raises also reported by Digital Asset Holdings and Neura Robotics.
As announced on June 22, the Series B funding round was led by Index Ventures, with participation from Union Square Ventures and existing investor Benchmark.
The company also gained support from several angel investors, including Zynga co-founder Mark Pincus, Eventbrite co-founder Kevin Hartz, Discord CEO Humam Sakhnini, and Nexos AI co-founder Tomas Okmanas.
Fomo specializes in social trading, allowing users to view real-time transactions made by other traders and execute similar trades across various blockchains without needing to manually transfer assets between networks. Users can enter crypto markets using either an Apple ID or email, thereby sidestepping the complexities of bridges, gas fees, and wallet management.
This funding round comes as investor interest in consumer-focused crypto products remains strong, even as digital asset prices have not yet regained recent peaks. According to RootData, crypto startups accumulated $4.11 billion across 148 funding rounds in the second quarter.
Social trading drives user growth
Along with the funding announcement, Fomo disclosed that its platform has recorded over 110 million social interactions since its launch last year. The company mentioned that more than 68,000 users made their first cryptocurrency purchase using Apple Pay, resulting in approximately $25 million in transaction volume.
Fomo stressed that as more assets transition on-chain, blockchain-based financial products are becoming easier to access. The company compared this shift to the digitization of stock trading that started in the 1970s, noting that many consumers still lack straightforward access to innovative financial solutions.
The platform’s social features have also caught the attention of industry analysts. In a December post on X, Delphi Digital noted that Fomo’s interface likely appeals to users by making trading feel “more like scrolling a feed than sitting at a terminal.”
Delphi Digital further emphasized that Fomo generated higher monthly fees than Moonshot in November, despite being a newer product with lower fees.
Competition is intense in the social and copy-trading space, with exchanges like Binance, Bybit, OKX, Bitget, and KuCoin already offering copy-trading features that enable users to mirror the strategies of other traders.
Venture funding remains active across crypto and tech
Recent product launches indicate that Fomo is expanding its offerings beyond spot trading. On June 11, the company introduced perpetual futures powered by Hyperliquid for users outside the U.S.
This latest funding adds to a series of significant private-market financings announced in June. Earlier this month, Digital Asset Holdings raised $355 million in a funding round led by Andreessen Horowitz’s main crypto fund to support the growth of the Canton Network ecosystem.
Furthermore, Neura Robotics revealed up to $1.4 billion in Series C financing supported by key investors such as Tether, Qualcomm, Amazon, Nvidia, Bosch, Schaeffler, and the European Investment Bank, aimed at advancing humanoid robots and real-world automation systems.
For Fomo, this new funding signifies support from firms with previous investments in consumer platforms such as Robinhood, Coinbase, Instagram, Snapchat, and Twitter, as highlighted in the company’s announcement.
