- Fomo raised US$75 million (AU$107.3 million) in a Series B round led by Index Ventures, valuing the social trading app at US$550 million (AU$786.5 million) about a year after launch.
- The company said it has drawn more than 625,000 traders, processed US$4 billion (AU$5.72 billion) in volume and onboarded 68,000 first-time crypto buyers via Apple Pay.
- The raise lands amid a wider rebound in crypto venture funding, which reached US$4.1 billion (AU$5.86 billion) across 147 rounds in the second quarter of 2026.
Crypto social trading startup Fomo raised US$75 million (AU$107.3 million) in a Series B round led by Index Ventures at a US$550 million (AU$786.5 million) valuation, roughly a year after launch, in a deal that signals renewed investor appetite for consumer-facing crypto products.
Union Square Ventures co-invested alongside existing backer Benchmark, with angel investors including Zynga co-founder Mark Pincus, Eventbrite co-founder Kevin Hartz and Discord chief executive Humam Sakhnini, according to the blog.
The round lifts Fomo’s total disclosed funding to roughly US$94 million (AU$134.4 million).
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Rapid Traction
Founded in 2025 by Paul Erlanger, Se Yong Park and Prashan Dharmasena, all veterans of the derivatives exchange dYdX, Fomo lets users trade assets across multiple blockchains through a single interface without manually bridging funds or paying gas fees. Its social layer adds copy-trading, trader leaderboards and activity feeds that surface other users’ positions in real time.
The company said more than 625,000 traders have joined since launch, generating over US$4 billion (AU$5.72 billion) in volume and 110 million social interactions.
It added that 68,000 users bought crypto for the first time through its Apple Pay integration, accounting for about US$25 million (AU$35.75 million) in purchases, and that it had paid out more than US$2 million (AU$2.86 million) in referral fees to users. In June, Fomo added perpetual futures powered by Hyperliquid for users outside the United States, extending its reach from spot trading into leveraged products.
The raise lands as venture capital flows back into crypto despite token prices sitting below recent peaks. Funding across the sector reached US$4.1 billion (AU$5.86 billion) over 147 rounds in the second quarter of 2026, with consumer-focused trading apps among the beneficiaries of an appetite that had cooled sharply during the previous market downturn.
Fomo did not detail how it will deploy the new capital. Its social model, which rewards users for trades others copy, has fueled fast growth, but the same mechanics can amplify herd behaviour in volatile markets.
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