Moonpay reportedly targets $3.4B valuation in first VC funding

Moonpay, a fintech company that is well known for building payments infrastructure for crypto, is reportedly having high expectations to reach a valuation of $3.4 billion after completing its first round of venture capital funding.

The VC funding is being led by both Coatue Management and Tiger Global Management and will see them put funds worth close to $400 million into the company that is presently bootstrapped. MoonPay platform already supports the buying and selling of cryptocurrencies and other digital assets using common payment methods such as local bank transfers, and the use of credit and debit cards.

Although, details about the funding is yet to be officially announced, but according to a report from The Information, two inside sources may have just confirmed the development. When this report is officially confirmed, Moonpay will become part of a small group of crypto-based startups to reach unicorn level of valuation within three years.

Also, this is not the first time that Tiger Global and Coatue Management will be partnering to fund businesses like Moonpay. For facts, they have partnered in the past to fund many mid-sized blockchain, decentralized finance (DeFi) and crypto startups. The most recent of their investment being the $24 million funding for CertiK, a blockchain security firm.

In addition, data available on Global Startup Ecosystem Report 2021 also goes to show that the blockchain industry has seen a 121% growth in the last five years, becoming the second-fastest-growing sub-sector in terms of early-stage funding. Only the very much advanced manufacturing and robotics industry beats it.

Moreover, the first quarter of 2021 saw crypto firms receiving more funding than they did in the entire year of 2020.

What do you think about Tiger Global Management and Coatue Management’s involvement with startups like Moonpay? Please share your thoughts in the comments section below.