Mercuryo, a cryptocurrency infrastructure startup, secured US $7.5 million in a Series A funding round, announced on June 25, 2021. Led by Target Global, the round also featured participation from several angel investors. This series A investment comes just months after their seed round in September last year, bringing Mercuryo’s total funding to US $10 million.
Purpose of the investment
The company intends to use its newly-raised capital to launch a cryptocurrency debit card (spending globally directly from the crypto balance in the wallet) and continuing to expand to new markets, such as Asia-Pacific and Latin America.
Trends and growth in the industry
Mercuryo began onboarding customers at the beginning of 2019 and has witnessed remarkable growth since with annual recurring revenue (ARR) in April exceeding over US $50 million. The startup’s customer base is approaching 1 million, and the company has partnerships with several large cryptocurrency players, including Bitfinex, Binance, Trust Wallet, Trezor, Bithumb, and Bybit.
In 2020, the company said its turnover grew by 50 times while run-rate turnover crossed US $2.5 billion in April 2021. To build on that momentum, Mercuryo has begun expanding to new markets, including the United States, where it launched its crypto payments offering for B2B customers in all states earlier this year. The company also plans to gradually expand to South America, Africa, and Southeast Asia.
Founder’s Insight
According to co-founder and CEO of Mercuryo, Petr Kozyakov, “The need for fast and efficient international payments, especially for businesses, is as relevant as ever,” While there is no shortage of companies enabling cross-border payments, the startup’s emphasis on cryptocurrency is a differentiator.
“Our team has a clear plan on making crypto universally available by enabling cheap and straightforward transactions. Cryptocurrency assets can then be used to process global money transfers, mass payouts and facilitate acquiring services, among other things. Whether it be virtual accounts or third-party customer wallets, the company handles most cryptocurrency-related processes for banks so they can focus more on their core operations.”
Company Profile
Mercuryo is a rapidly growing cryptocurrency infrastructure company providing global access to fast and cheap money transfers with a bank-level oversight. The company develops a crypto payment system designed to introduce cryptocurrencies into daily life and handle crypto transactions casually. The company’s multi currency crypto wallet features buying, selling, storing, and making payments with cryptocurrency along with payment cards, empowering individuals and businesses to pay for their purchases and make international money transfers of any amount using cryptocurrency.
Founded on September 1, 2018, by Alexander Vasiliev, Greg Waisman, and Petr Kozyakov, Mercuryo has its headquarters in London, England, United Kingdom. The startup works together with industry leaders to leverage a range of payment solutions to accelerate growth and boost the revenue of businesses worldwide. Looking ahead, the startup plans to release a product that will give companies a way to send instant mass payments to multiple customers and gig workers simultaneously, regardless of their location.
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