NEW YORK, June 25, 2026, 04:22 EDT
- Fomo’s latest funding round values the consumer app at $550 million, even though it remains much smaller than public trading platforms.
- Company figures suggest around $880 in value for each reported user, and close to 14 cents for every dollar traded over time.
- Apple (NASDAQ:AAPL) Pay users buying crypto for the first time on Fomo spend about $368 on average, according to company data.
- Coinbase Global and Robinhood Markets are the investor read-through, since crypto trading still drives volatile profits at both.
Fomo’s $75 million Series B sets a private-market value for consumer crypto trading, not just another funding headline. The New York company raised at a $550 million valuation, FinTech Futures said this week. Index Ventures led the round, with Union Square Ventures and Benchmark also in, according to the report.
Based on company numbers, the price comes to about $880 per reported user and 13.75 cents per cumulative dollar traded. Fomo said it had over 625,000 people join since launch, with total trading volume above $4 billion and 110 million unique social interactions. That’s around $6,400 traded and 176 social actions for every reported user.
The size of first-time crypto purchases is smaller. Fomo said 68,000 users bought crypto for the first time using Apple Pay, spending a total of $25 million. That works out to around $368 per user and about 0.6% of overall volume. CryptoNews Australia said Fomo has also paid out over $2 million in referral fees and rolled out Hyperliquid-powered perps for people outside the U.S.
Fomo hasn’t disclosed revenue, but its valuation is high for its size. Public investors may notice that. Coinbase Global (NASDAQ:COIN) reported $202 billion in trading volume for the quarter ending March 31. Robinhood Markets (NASDAQ:HOOD) put Q1 crypto notional volume at $66 billion, with $24 billion on its own app and $42 billion from Bitstamp. Fomo’s total volume so far is just 2% of Coinbase’s latest quarter and 6% of Robinhood’s Q1 crypto notional volume. Coinbase Investor Relations
Decrypt reported in its Morning Minute piece on Yahoo Finance that Fomo is bringing in around 3,500 new users daily with a 17-person staff. Annualized, that rate would add about 1.3 million users, not factoring churn—over double its stated base.
Index partner Julia Andre told Fortune, “We’re not doing Fomo because it’s a crypto business.” “Onchain trading is just impossible,” Fomo co-founder and CEO Paul Erlanger said, also to Fortune. Fomo’s pitch backs distribution: the idea is to make self-custody and cross-chain trading look like a regular consumer app. Fortune
Fomo’s statement showed both sides of the company’s message. CEO Erlanger called the product “accessible, social, and understandable in 15 minutes.” Co-founder Prashan Dharmasena said “there is a lot of technical complexity” beneath the surface. Se Yong Park added, “Trading is fundamentally a social behavior.” GlobeNewswire
Fomo is adding more than spot tokens. Per its June 11 update, perpetuals are now live via Hyperliquid and Trade[XYZ]. The contracts cover pre-IPO assets, equities, crypto, indexes and commodities. Fomo also said in the same notice that U.S. persons can’t access those products.
That’s the detail that will get listed platforms’ attention. Coinbase in May said prediction markets brought in over $100 million in annualized revenue in under two months, and retail derivatives revenue annualized at more than $200 million.
TD Securities said this month that perps aren’t just a crypto thing—firms now trade perps tied to commodities, equities, and private-market assets. Oil-linked Hyperliquid notional volume jumped from around $25 million to more than $550 million by the third weekend of trading during the U.S.-Israel-Iran conflict, the firm said.
VC cash is piling into one area, too. Galaxy Research put crypto VC investment at about $4 billion over 355 deals in Q1 2026, with trading, exchange, investing, and lending firms getting $2.6 billion.
Cyclicality is the main risk. Reuters said in April that Robinhood’s crypto revenue dropped 47% to $134 million in Q1, with KBW analysts saying crypto rivals could increase. Fomo’s announcement left out both revenue and take-rate numbers, so the $880 per user figure stays a venture-level price, not a public market comp.
