New York-based crypto trading app Fomo has secured $75 million in Series B funding, achieving a valuation of $550 million, according to a report from FinTech Futures. The round, led by Index Ventures with participation from Union Square Ventures and Benchmark, underscores the rich multiples prevailing in private markets for consumer crypto platforms, even as their scale remains modest compared to public competitors.
Based on company-disclosed metrics, the valuation translates to approximately $880 per registered user and 13.75 cents per cumulative dollar traded. Fomo reports over 625,000 users since launch, with total trading volume exceeding $4 billion and 110 million social interactions. That equates to roughly $6,400 traded and 176 social actions per user. The app has also facilitated $25 million in first-time crypto purchases via Apple Pay, averaging $368 per user, though this represents only 0.6% of overall volume.
Public market investors may view these figures with caution. For context, Coinbase Global (NASDAQ:COIN) recorded $202 billion in trading volume in the first quarter of 2026 alone, while Robinhood Markets (NASDAQ:HOOD) reported $66 billion in crypto notional volume for the same period. Fomo's lifetime volume of $4 billion is just 2% of Coinbase's quarterly total and 6% of Robinhood's Q1 crypto notional volume. "The $880 per user figure remains a venture-level price, not a public market comp," analysts note, especially given Fomo has not disclosed revenue or take-rate data.
The company is expanding beyond spot trading. In a June 11 update, Fomo announced the launch of perpetual contracts via Hyperliquid and Trade[XYZ], covering pre-IPO assets, equities, crypto, indexes, and commodities. However, these products are not available to U.S. persons, a restriction that may limit their addressable market. This move comes as retail derivatives gain traction; Coinbase noted in May that prediction markets generated over $100 million in annualized revenue in under two months, while retail derivatives revenue annualized at more than $200 million.
TD Securities highlighted that perps are no longer exclusive to crypto, with firms now trading contracts tied to commodities, equities, and private-market assets. During the U.S.-Israel-Iran conflict, oil-linked Hyperliquid notional volume surged from about $25 million to over $550 million in just three weeks, illustrating the growing demand for such instruments.
Venture capital continues to pour into crypto trading infrastructure. Galaxy Research reported that crypto VC investment reached approximately $4 billion across 355 deals in Q1 2026, with trading, exchange, investing, and lending firms capturing $2.6 billion of that total. Fomo's raise fits this trend, but the cyclical nature of crypto revenue remains a key risk. Robinhood's crypto revenue dropped 47% to $134 million in Q1, and KBW analysts warn that increased competition could pressure margins further.
Fomo's co-founder and CEO Paul Erlanger emphasized the app's focus on accessibility, describing it as "accessible, social, and understandable in 15 minutes." Co-founder Prashant Dharmasena acknowledged the underlying complexity, while Se Yong Park noted "trading is fundamentally a social behavior." The company is adding about 3,500 users daily with a 17-person staff, which annualized would add 1.3 million users, though churn is not accounted for.
As Fomo positions itself as a bridge between self-custody and cross-chain trading, its high valuation relative to scale will likely draw scrutiny from public market investors. With revenue undisclosed and take rates unknown, the $880 per user metric remains a venture-level benchmark rather than a sustainable public market valuation.
