Crypto infrastructure company Mercuryo has announced that its Series A funding round raised $7.5 million.
The company, which has headquarters in London, stated in a tweet that they were “thrilled” to announce their latest multimillion-dollar funding. International Venture Capital firm Target Global headed the round.
“We plan to use the capital to expand into new markets and launch business solutions,” the tweet continued, “Enabling any company to become a fintech without dealing with its complications.”
According to reports, the business solutions referred to include a cryptocurrency debit card, allowing global spending from a crypto balance. In addition, Mercuryo are specifically eyeing up the South American and Southeast Asian markets for gradual expansion.
Co-founder and Chief Operations Officer Greg Waisman commented on the financing on his own Twitter account, saying:
“@Mercuryo_io is growing at a tremendous pace, despite market fluctuations. We build a range of products and don’t depend on a crypto segment. The new round brings us a step closer to the global disruption of the payments market.”
Target Global also led Mercuryo’s seed funding round back in 2020, in which it secured $2.5 million. Reports indicate that Mercuryo has now raised in excess of $10 million since it was first founded in 2018.
Mercuryo: the story so far
Mercuryo’s journey began as a startup that Waisman, alongside fellow entrepreneurs Alexander Vasiliev and Petr Kozyakov collectively founded in September 2018. Their mission: to make cryptocurrency more accessible, and to bring crypto into daily life.
Since then, it has risen from a Tallinn-based operation to one that spans across Europe. Mercuryo’s platform, a cross-border payments network, first became available to customers at the start of 2019. Following that, the company has grown considerably. In 2020, it reported a 50-fold increase in turnover, and in April this year, its annual recurring revenue (ARR) exceeded $50 million.
Its aforementioned multimillion-dollar seed funding round from Target Global was shortly followed by an expansion to the United States business-to-business (B2B) customer base. According to reports, its customer base now totals close to 1 million.
In addition to that, it has established partnerships with many high-profile figures in the crypto space. Binance, Bitfinex, Trust Wallet, Bithumb and Bybit count among them. Another partner, Trezor, was instrumental in Mercuryo’s expansion to the U.S. market back in March.