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Mercuryo, a startup that has built a cross-border payments network, raised $ 7.5 million in a Series A funding round.
The London-based company describes itself as a crypto infrastructure company that aims to make blockchain useful to businesses through its digital asset payment gateway. Specifically, it bundles various payment solutions together and provides fiat and crypto payments and payments to businesses.
In simpler terms, Mercuryo aims to use cryptocurrencies as a tool to implement next-generation cross-border transfers or, as it puts it, to enable any business to become a FinTech company without having to keep up with its complications.
The need for fast and efficient international payments, especially for businesses, is more pressing than ever, said Petr Kozyakov, co-founder and CEO of Mercuryos. While there is no shortage of companies allowing cross-border payments, the startup focus on crypto is a differentiator.
Our team has a clear plan to make crypto universally available by enabling easy and cheap transactions, Kozyakov said. Cryptocurrency assets can then be used to process global money transfers, mass payments, and facilitate the acquisition of services, among others.
Mercuryo began onboarding customers in early 2019 and has seen impressive growth since, with Annual Recurring Revenue (ARR) in April exceeding $ 50 million. Its customer base is approaching the million mark, and the company has partnered with a number of major crypto players, including Binance, Bitfinex, Trezor, Trust Wallet, Bithumb, and Bybit. In 2020, the company said its revenue increased 50 times, while its run-time revenue exceeded $ 2.5 billion by April 2021.
To build on this momentum, Mercuryo began to expand into new markets, most notably the United States, where it launched its crypto payments offering for B2B customers in all states earlier this year. It also plans to gradually expand to Africa, South America and Southeast Asia.
Target Global led Mercuryos Series A, which also included the participation of a group of angel investors and brings the startup’s total raised since its inception in 2018 to over $ 10 million.
Image credits: Left to right: Alexander Vasiliev, Greg Waisman, Petr Kozyakov / MercuryO
The company plans to use its new capital to launch a cryptocurrency debit card (spend worldwide directly from the crypto wallet balance) and continue to expand into new markets, such as Latin America and Asia-Pacific.
Mercuryos’ various products include a multi-currency wallet with built-in cryptocurrency exchange and digital asset purchase functionality, a widget, and high-volume cryptocurrency and OTC acquisition services.
Kozyakov says the company does not charge for currency conversion and has no other hidden fees.
We enable instant and easy cross-border transactions for our partners and their customers, he said. In addition, money transfer services lack intermediaries and do not require any additional steps to complete transactions. Instead, the process boils down to just two operations: a fiat-to-crypto exchange when sending a transfer and a crypto-to-fiat conversion when receiving funds.
Mercuryo also offers SaaS crypto products, giving customers a way to buy crypto through their fiat accounts while delegating digital asset management to the business.
Whether it’s virtual accounts or third-party client wallets, the company handles most of the cryptocurrency-related processes for banks, so they can focus more on their core operations, Kozyakov said.
Mike Lobanov, co-founder of Target Globals, said that on an experimental basis his company has tested many solutions for buying Bitcoin.
By doing our due diligence, we measured the time it takes for crypto to find out how long it takes to access the App Store and download the app until the digital assets arrive in the wallet, he said. he declares.
Mercuryo came in first with 6 minutes, including everything from KYC and funding to getting the cryptocurrency, according to Lobanov.
The second best result was 20 minutes, while some apps took forever to process our transaction, he added. This company is a game-changer in the business, and we are delighted to have been their supporters from the early days.
Going forward, the startup plans to launch a product that will give businesses a way to send instant mass payments to multiple customers and workers in concert simultaneously, regardless of where the recipient is located.
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