Consumer crypto trading app Fomo has raised $75 million in a Series B round led by Index Ventures at a $550 million valuation as the startup looks to expand headcount and pursue potential acquisitions.
Union Square Ventures participated in the round alongside a group of angel investors, including Zynga co-founder Mark Pincus, Discord CEO Humam Sakhnini, and Eventbrite co-founder Kevin Hartz, according to Fortune.
Fomo was founded in 2025 by Paul Erlanger, Se Yong Park, and Prashan Dharmasena, all veterans of the crypto trading platform dYdX. The app is designed to compress crypto onboarding to roughly 30 seconds, regardless of a user's familiarity with digital assets. It offers social features, including trader leaderboards and a trade feed, and supports more assets than Coinbase across multiple chains, without requiring users to manage bridges or gas fees, per the report.
The startup is non-custodial — meaning it does not hold customer funds — a structure it argues provides regulatory flexibility, though the company's co-founders have stressed they prioritize compliance.
Fomo listed perpetual futures contracts in June and is onboarding approximately 3,500 new users per day, Fortune reported. The company has 17 employees.
