Mercuryo raises $ 7.5 million for crypto-focused cross-border payments after crossing $ 50 million in ARR – TechCrunch

Mercuryo, a startup that has built a cross-border payments network, raised $ 7.5 million in a Series A funding round.

The London-based company describes itself as “a crypto infrastructure company” that aims to make blockchain useful to businesses through its “digital asset payment gateway.” Specifically, it bundles various payment solutions together and provides fiat and crypto payments and payments to businesses.

In simpler terms, Mercuryo aims to use crypto-currencies as a tool to set in motion next-generation cross-border transfers or as he puts it, “Enable any business to become a FinTech company without having to face its complications.”

“The need for fast and efficient international payments, especially for businesses, is more pressing than ever,” said Petr Kozyakov, co-founder and CEO of Mercuryo. While there is no shortage of companies allowing cross-border payments, the startup’s focus on crypto is a differentiator.

“Our team has a clear plan to make crypto universally available by enabling simple and inexpensive transactions,” Kozyakov said. “Cryptocurrency assets can then be used to process global money transfers, mass payments, and facilitate the acquisition of services, among others. ”

Mercuryo began onboarding customers in early 2019 and has seen impressive growth since then with Annual Recurring Revenue (ARR) in April exceeding $ 50 million. Its customer base is approaching the million mark, and the company has partnered with a number of major crypto players, including Binance, Bitfinex, Trezor, Trust Wallet, Bithumb, and Bybit. In 2020, the company said its revenue increased 50 times, while its run-time revenue exceeded $ 2.5 billion by April 2021.

To build on this momentum, Mercuryo began to expand into new markets, including the United States, where it launched its crypto payments offering for B2B customers in all states earlier this year. It also plans to expand “gradually” to Africa, South America and Southeast Asia.

Target Global led Mercuryo’s Series A, which also included participation of a group of angel investors and brings the total raised by the startup since its creation in 2018 to more than $ 10 million.

Image credits: From left to right: Alexander Vasiliev, Greg Waisman, Petr Kozyakov / MercuryO

The company plans to use its new capital to launch a cryptocurrency debit card (spent globally directly from the crypto wallet balance) and continues to expand into new markets, such as Latin America and Asia-Pacific.

Mercuryo’s various 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.

Kozyakov says the company does not charge for currency conversion and has no other “hidden charges.”

“We enable instant and easy cross-border transactions for our partners and their customers,” he said. “In addition, money transfer services lack intermediaries and do not require any additional steps to complete transactions. Instead, the process boils down to just two operations: a fiat-to-crypto exchange when sending a transfer and a crypto-to-fiat conversion when receiving funds.

Mercuryo also offers SaaS crypto products, providing customers with a way to purchase crypto through their fiat accounts while delegating digital asset management to the business.

“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,” said Kozyakov.

Mike Lobanov, co-founder of Target Global, said that on an experimental basis his company has tested many solutions for buying Bitcoin.

“By doing our due diligence, we measured ‘crypto time’ – how long it takes to go to the app store and download the app until the digital assets arrive in the wallet,” he said. -he declares.

Mercuryo came in first with 6 minutes, including everything from KYC and funding to getting the cryptocurrency, according to Lobanov.

“The second best result was 20 minutes, while some apps took forever to process our transaction,” he added. “This company is a game-changer in the business, and we are delighted to have been their supporters from the early days.”

Going forward, the startup plans to launch a product that will give businesses a way to send instant mass payments to multiple customers and workers in concert simultaneously, regardless of where the recipient is located.

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