Mercuryo, a Crypto Startup based in London, has announced the completion of a Series A funding round led by venture capital firm Target Global, raising $7.5 million.
The startup commented on how it plans to use the funds,
“We plan to use the capital to expand into new markets and launch business solutions enabling any company to become a fintech without dealing with its complications.”
Despite the Cryptocurrency’s market crashes, Mercuryo has managed to grow at what his Co-founder and Chief Operations Officer, Greg Waisman, describes as a “tremendous pace”.
According to Waisman, this growth, when added to the successful funding, is getting the platform “closer to the global disruption of the payments market.”
The startup seems to be looking to expand its services to offer a cryptocurrency debit card, as well as setting a foothold in both South America and Southeast Asia, 2 of the markets where cryptocurrency has seen increasing popularity over the past years.
Mercuryo had raised $2.5 million last year when it ran its seed funding round, which was also led by Target Global. Having been found in Tallinn, the platform was first made available to users in 2019, reporting a 50-fold increase in turnover 1 year later.
By using the platform, businesses can accept crypto by having it automatically converted into fiat currency, a process that can also be reverted.
Such services have become increasingly necessary as the cryptocurrency market continues to expand and retailers/service providers try to capitalize on crypto mass adoption.
Important partnerships with some of the most high-profile companies in the cryptocurrency industry have also been established. This list includes Binance, Bitfinex, Trust Wallet, Bithumb, Bybit, and Trezor.
The partnership between the crypto startup and Trezor was fundamental for the recent expansion of both companies in the United States crypto market back in March. Both companies had also worked together in the past to gain participation in the European market.