Blab Crypto
Fomo Secures $75 Million Series B, Valued at $550 Million, as Trading Volume Surpasses $4 B
Fomo, a consumer‑focused cryptocurrency trading app, announced on Monday, June 22, that it has closed a Series B funding round that raised $75 million. The round was led by Index Ventures and was joined by Union Square Ventures and other investors, bringing the company’s total disclosed funding to roughly $94 million.
The valuation of $550 million places Fomo among the higher‑valued consumer crypto platforms in the United States. The company said the new capital will be used to expand its workforce and to pursue potential acquisitions that can accelerate its growth.
Fomo launched a year ago and has already generated more than $4 billion in trading volume on its platform. The company also reported that over 68,000 users have made their first crypto purchases through the app using Apple Pay, with those transactions totaling $25 million in value.
The app was founded in 2025 by former dYdX engineers Paul Erlanger, Se Yong Park, and Prashan Dharmasena. According to the company, its goal is to make crypto onboarding fast and frictionless, compressing the process to roughly 30 seconds regardless of a user’s prior experience.
In addition to the financial metrics, Fomo highlighted its social trading features. The platform includes trader leaderboards, activity feeds, and social sharing tools that allow users to follow and copy the trades of others. While the company’s public statements focus on user growth and trading volume, other reports indicate that more than 625,000 people have joined the platform since launch.
The Series B round comes at a time when consumer interest in digital assets remains high. Industry analysts note that the growth of on‑chain assets and the emergence of tokenized stocks and derivatives are expanding the range of products that platforms like Fomo can offer.
The funding round was announced in a press release that cited the involvement of several notable investors. Index Ventures, a venture capital firm that has backed companies such as Coinbase and Stripe, led the round. Union Square Ventures, known for investments in Twitter and Etsy, also participated.
According to The Block, the new funding values Fomo at $550 million and signals the company’s ambition to broaden its product suite beyond spot crypto trading. The company’s co‑founders have said that their long‑term vision includes serving as a gateway to tokenized stocks, derivatives, and other on‑chain assets as those markets mature.
The broader crypto ecosystem is also experiencing regulatory developments. The U.S. federal government has enacted the GENIUS Act, which establishes a regulatory framework for stablecoins. While Fomo’s business model does not directly involve stablecoin issuance, the regulatory environment for digital assets continues to evolve.
Fomo’s Series B funding is part of a broader trend of venture capital investment in consumer‑facing crypto platforms. The round follows similar funding announcements by other startups that aim to simplify crypto trading for everyday users.
At present, the company has not disclosed specific plans for new product launches or geographic expansion. However, the capital injection is expected to support hiring, technology development, and strategic acquisitions that can help Fomo capture a larger share of the growing consumer crypto market.
The company’s next milestones will likely include the launch of additional on‑chain asset classes and the scaling of its social trading features. Investors and analysts will be watching how Fomo leverages its new capital to maintain user engagement in a market where interest can shift rapidly with asset price movements.
In summary, Fomo’s $75 million Series B round, led by Index Ventures and valued at $550 million, marks a significant milestone for the consumer crypto trading app. With over $4 billion in trading volume and a growing user base, the company is positioned to expand its workforce and pursue acquisitions that can broaden its product offerings in the evolving digital asset landscape.
The valuation of $550 million places Fomo among the higher‑valued consumer crypto platforms in the United States. The company said the new capital will be used to expand its workforce and to pursue potential acquisitions that can accelerate its growth.
Fomo launched a year ago and has already generated more than $4 billion in trading volume on its platform. The company also reported that over 68,000 users have made their first crypto purchases through the app using Apple Pay, with those transactions totaling $25 million in value.
The app was founded in 2025 by former dYdX engineers Paul Erlanger, Se Yong Park, and Prashan Dharmasena. According to the company, its goal is to make crypto onboarding fast and frictionless, compressing the process to roughly 30 seconds regardless of a user’s prior experience.
In addition to the financial metrics, Fomo highlighted its social trading features. The platform includes trader leaderboards, activity feeds, and social sharing tools that allow users to follow and copy the trades of others. While the company’s public statements focus on user growth and trading volume, other reports indicate that more than 625,000 people have joined the platform since launch.
The Series B round comes at a time when consumer interest in digital assets remains high. Industry analysts note that the growth of on‑chain assets and the emergence of tokenized stocks and derivatives are expanding the range of products that platforms like Fomo can offer.
The funding round was announced in a press release that cited the involvement of several notable investors. Index Ventures, a venture capital firm that has backed companies such as Coinbase and Stripe, led the round. Union Square Ventures, known for investments in Twitter and Etsy, also participated.
According to The Block, the new funding values Fomo at $550 million and signals the company’s ambition to broaden its product suite beyond spot crypto trading. The company’s co‑founders have said that their long‑term vision includes serving as a gateway to tokenized stocks, derivatives, and other on‑chain assets as those markets mature.
The broader crypto ecosystem is also experiencing regulatory developments. The U.S. federal government has enacted the GENIUS Act, which establishes a regulatory framework for stablecoins. While Fomo’s business model does not directly involve stablecoin issuance, the regulatory environment for digital assets continues to evolve.
Fomo’s Series B funding is part of a broader trend of venture capital investment in consumer‑facing crypto platforms. The round follows similar funding announcements by other startups that aim to simplify crypto trading for everyday users.
At present, the company has not disclosed specific plans for new product launches or geographic expansion. However, the capital injection is expected to support hiring, technology development, and strategic acquisitions that can help Fomo capture a larger share of the growing consumer crypto market.
The company’s next milestones will likely include the launch of additional on‑chain asset classes and the scaling of its social trading features. Investors and analysts will be watching how Fomo leverages its new capital to maintain user engagement in a market where interest can shift rapidly with asset price movements.
In summary, Fomo’s $75 million Series B round, led by Index Ventures and valued at $550 million, marks a significant milestone for the consumer crypto trading app. With over $4 billion in trading volume and a growing user base, the company is positioned to expand its workforce and pursue acquisitions that can broaden its product offerings in the evolving digital asset landscape.
