London-based Mercuryo Raises $ 6.3million to Bridge the Fiat and Crypto Worlds; here’s how

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From left to right: Alexander Vasiliev, Greg Waisman, Petr Kozyakov | Image credit: Mercuryo

Mercuryo, a London-based financial technology company specializing in providing cryptocurrency payment solutions, announced it had raised $ 7.5 million (around $ 6.3 million) as part of its fundraising fundraiser. Series A. With this round, the company has raised total capital of over $ 10 million (approximately $ 8.4 million), to date.

Investors

Series A was conducted by a pan-European venture capital firm Target Global with the participation of a group of angel investors.

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About the company, Mike Lobanov, Co-Founder of Target Globals, said: From experience we have tested many solutions for buying Bitcoin. Diligently, 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. Mercuryo came in first with 6 minutes including everything from KYC and funding to getting the cryptocurrency. On the other hand, the second best result was 20 minutes, while some apps were taking forever to process our transaction. This company is a game-changer in the field, and we are delighted to have been their supporters from the early days.

Cryptocurrency payment solutions

Founded in 2018 by Alexander Vasiliev, Greg Waisman and Petr Kozyakov, Mercuryo is a cross-border payments network that allows businesses to send and receive payments for goods and services using cryptocurrencies.

As for the banking sector, Mercuryo offers its clients Fintech crypto SaaS solutions, allowing them to buy crypto through their fiat accounts while entrusting the management of digital assets to the team. 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.

Petr Kozyakov, Co-Founder and CEO of Mercuryos, says: “The need for fast and efficient international payments, especially for businesses, is more pressing than ever. There is no shortage of companies working in this direction, but we take a slightly different approach. Used cryptocurrencies as a tool to set up next-generation cross-border transfers. Our team has a clear plan to make crypto universally available by enabling easy and inexpensive transactions. Cryptocurrency assets can then be used to process global money transfers, mass payments, facilitate the acquisition of services, and more.

He further adds that they were even cooperating with banks so that their customers could start buying cryptos with fiat. Thanks to the new A-Series, we had the opportunity to gain more key partners and launch new products and services more quickly.

Mercuryos 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.

Additionally, the company says that another product will be available soon, the gig economy solution that allows businesses to send instant mass payments to multiple gig customers and employees simultaneously, regardless of the location of the gig. recipients.

Currently, the company employs more than 110 staff members in the team.

How will the funds be used?

The capital from this round will be used by Mercuryo to execute its vision of becoming the benchmark infrastructure for crypto-fiat entry and exit ramps.

A cryptocurrency ramp refers to an exchange or similar service where you can offer fiat money in exchange for cryptocurrency. While cryptocurrency exit ramps act as the opposite of ramps. They are a way to convert your cryptocurrency into fiat, or possibly into products and services.

In addition, Mercuryo also plans to launch the cryptocurrency debit card (spending globally directly from the crypto wallet balance) and expand into new markets, such as LATAM and APAC countries.

Growth and recent developments

With plans to expand globally, the company closed a $ 2.5 million financing in 2020 led by international venture capital fund Target Global.

In January 2021, Mercuryo expanded its services to 51 US states. And in February 2021, the team opened its headquarters in London, which now serves as a hub for its business operations.

Since the integration of its first client in 2019, the company claims to have experienced massive growth. Currently, it has over a million clients, including partnerships with well-known crypto firms, such as Binance, Bitfinex, Trezor, Trust Wallet, Bithumb, Bybit, and over 200 market makers.

In 2020 alone, Mercuryos’ revenue increased 50-fold, while revenue at run-rate exceeded $ 2.5 billion (roughly 2.1 billion) in April 2021. The company’s annual recurring revenue (ARR) in April was over $ 50 million (about $ 42 million). To support the growth, the team has started to expand into new markets, such as the United States, and also plans to expand gradually to Africa, South America and Southeast Asia.

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