Fomo raises $75 million at a $550 million valuation

Fomo has raised $75 million in Series B funding, the crypto trading startup announced Monday. The round values the company at $550 million and gives it fresh capital as it tries to make blockchain-based trading easier for mainstream users, Fortune reported.

Index Ventures led the financing, according to Fomo. Union Square Ventures also joined the round, along with Mark Pincus, Discord CEO Humam Sakhnini and Eventbrite cofounder Kevin Hartz, Fortune reported.

The deal puts two well-known venture firms behind a consumer crypto startup at a time when Fortune described broader crypto fundraising as subdued, especially among investors that do not focus only on digital assets. Index is better known for bets on companies such as Figma and Scale AI, while Union Square Ventures has previously backed Polygon and Matter Labs, according to Fortune.

Julia Andre, a partner at Index Ventures, told Fortune the firm’s interest was driven less by Fomo’s crypto label than by what Index sees as a shift in consumer blockchain trading. Fortune also noted that Index previously invested in Bridge, the stablecoin company Stripe acquired for $1.1 billion in 2025.

A trading app built around simpler access

Fomo was founded by Paul Erlanger, Se Yong Park and Prashan Dharmasena, who previously worked at crypto trading platform dYdX, Fortune reported. The founders told Fortune they saw how hard it could be for users to trade digital assets across thousands of tokens, many blockchains, fee systems and onboarding steps.

Dharmasena told Fortune the company wants users to be able to create an account, fund it and buy a token in about 30 seconds, even if they have little crypto experience. Erlanger said the name Fomo stands for “fearless” rather than “fear” of missing out, according to Fortune.

The app includes social features built around trading activity, Fortune reported. Users can see leaderboards of top traders, view a feed of recent trades and share their own trading history on social media.

Fomo had already drawn backing before the latest round. Fortune reported that 140 angel investors participated in its seed financing, including Polygon Labs CEO Marc Boiron, former Coinbase CTO Balaji Srinivasan and Solana cofounder Raj Gokal. Benchmark led a $17 million Series A, according to Fortune.

Plans beyond crypto tokens

Erlanger told Fortune that Fomo is not intended to remain limited to cryptocurrencies. He said the company sees the app as a broader entry point for financial products as stocks, derivatives and other assets move onto blockchains.

In June, Fomo added perpetuals, a type of futures contract with no expiration date, Fortune reported. Erlanger told Fortune the company wants users to see Fomo as more than a crypto app.

Fomo’s founders told Fortune they believe the startup can compete with larger trading platforms, including Coinbase and Robinhood. Park said Fomo is non-custodial, meaning it does not hold customer funds, and said the company works to stay compliant.

Park also told Fortune that Fomo lists more assets than Coinbase, operates globally and is adding about 3,500 users a day. The company has 17 employees and plans to use the new funding to hire engineers and consider buying smaller companies, Fortune reported.

This story draws on original reporting from Fortune.