Crypto trading app Fomo raises $75 million at $550 million valuation in Index Ventures-led Series B
Consumer crypto trading app Fomo has raised $75 million in a Series B round led by Index Ventures at a $550 million valuation as the startup looks to expand headcount and pursue potential acquisitions.
Union Square Ventures participated in the round alongside a group of angel investors, including Zynga co-founder Mark Pincus, Discord CEO Humam Sakhnini, and Eventbrite co-founder Kevin Hartz, according to Fortune.
Fomo was founded in 2025 by Paul Erlanger, Se Yong Park, and Prashan Dharmasena, all veterans of the crypto trading platform dYdX. The app is designed to compress crypto onboarding to roughly 30 seconds, regardless of a user's familiarity with digital assets. It offers social features, including trader leaderboards and a trade feed, and supports more assets than Coinbase across multiple chains, without requiring users to manage bridges or gas fees, per the report.
The startup is non-custodial — meaning it does not hold customer funds — a structure it argues provides regulatory flexibility, though the company's co-founders have stressed they prioritize compliance.
Fomo listed perpetual futures contracts in June and is onboarding approximately 3,500 new users per day, Fortune reported. The company has 17 employees.
Index's participation carries weight beyond the check size. The firm previously backed stablecoin startup Bridge, which Stripe acquired for $1.1 billion in 2025, and is not a dedicated crypto investor — its portfolio spans companies including Figma and Scale AI.
An Index partner told Fortune the firm backed Fomo because it sees a structural market shift in consumer blockchain trading, not because of the crypto label alone, according to the report. Union Square Ventures has also previously invested in Polygon and crypto developer Matter Labs.
The Block reported on Fomo's $17 million Series A in November 2025, which was led by Benchmark and brought the company's total funding to $19 million at the time. The Series B brings total disclosed funding to roughly $94 million.
Fomo's co-founders have said their long-term ambition extends beyond cryptocurrency, with plans to serve as a gateway to tokenized stocks, derivatives, and other onchain assets as that market develops.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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