According to a June 22 announcement by Fomo, the company has raised $75 million in a Series B funding round that values the crypto trading platform at $550 million. The round was led by Index Ventures with participation from Union Square Ventures and existing investor Benchmark. The funding also received backing from several angel investors, including Zynga co-founder Mark Pincus, Eventbrite co-founder Kevin Hartz, Discord chief executive Humam Sakhnini, and Nexos AI co-founder Tomas Okmanas.
As reported by Fomo, the social trading platform has attracted more than 625,000 users and generated $4 billion in trading volume within its first year. The platform has recorded more than 110 million social interactions since launching and over 68,000 users purchased cryptocurrency for the first time through Apple Pay, generating roughly $25 million in transaction volume. Built around social trading, Fomo allows users to see transactions made by other traders in real time and execute similar trades across multiple blockchains without manually moving assets between networks.
According to RootData, crypto startups raised $4.11 billion across 148 funding rounds during the second quarter. The funding arrives as investors continue to back consumer-focused crypto products despite digital asset prices remaining below recent highs. Competition in the social and copy-trading segment remains intense, with exchanges including Binance, Bybit, OKX, Bitget and KuCoin already offering copy-trading tools. Fomo has expanded beyond spot trading, introducing perpetual futures powered by Hyperliquid for users outside the U.S. on June 11.
Industry researchers have noted Fomo's design may be helping attract users by making trading feel 'more like scrolling a feed than sitting at a terminal.' According to Delphi Digital, Fomo generated more monthly fees than Moonshot during November, despite being a newer product and charging lower fees. The company argues that blockchain-based financial products are becoming increasingly accessible as more assets move on-chain, comparing the current transition to the digitization of stock trading that began in the 1970s.
