NEW YORK, June 23, 2026, 05:01 EDT
Fomo has landed $75 million in Series B funding led by Index Ventures, putting the crypto trading app’s valuation at $550 million. The New York-based company picked up capital from Union Square Ventures, Benchmark, and angels like Zynga co-founder Mark Pincus, Discord CEO Humam Sakhnini, and Eventbrite co-founder Kevin Hartz. Fomo says it aims to make on-chain trading appeal to the broader market.
Crypto startup funding slows as market shifts. Galaxy Research said crypto and blockchain startups raised about $4 billion across 355 deals in Q1 2026—about half the amount from the previous quarter. Trading, exchange, investing and lending businesses still got most of the money.
Fomo reports over 625,000 users since launch, generating $4 billion in trading volume and 110 million social interactions. The company said 68,000 users made their first crypto buys via Apple Pay, amounting to $25 million.
Fomo’s app wants to make things easier for traders: it aims to hide the tough stuff. On-chain trading usually means dealing with wallets, chain bridges, and gas fees. Fomo says its platform lets users find assets, copy traders, share trades, and move between blockchain networks all from a single account and balance.
Paul Erlanger, co-founder and CEO at Fomo, called most trading products “dull, hard to understand.” He said the company wants people to share market points of view without having to figure out the technical details. Fomo plans to branch out into equities, perpetuals and prediction markets, the company said. GlobeNewswire
Fomo was founded in 2025 and is based in New York. Its founders Erlanger, Se Yong Park and Prashan Dharmasena came from decentralized exchange dYdX, with all three having started out at Deutsche Bank, the company said.
Index partner Julia Andre called the move a consumer-finance play, not just a crypto punt. “We’re not doing Fomo because it’s a crypto business,” Andre told Fortune. Index is seeing a shift in how consumers trade blockchain. Fortune reported that this approach positions Fomo closer to Coinbase and Robinhood, both of which are looking to be bigger entry points for blockchain assets. Fortune
Fomo is working to make on-chain trading feel like a consumer app while hiding most of the DeFi details, Index said. The firm pointed out that trading on-chain still usually involves switching between wallets, networks, fees, and bridges, which has mostly been something insiders do.
Fomo is leaning on its social layer. The site puts leaderboards, feeds, and real-time alerts for trades up front, showing what people are buying. Apple’s App Store listing calls the app a place to buy tokens on Solana, Base, BNB Chain and Monad, and track P&L live.
But the trade isn’t straightforward. Social trading can fuel herd moves in volatile tokens, and with Fomo pushing into perpetual futures contracts—futures that don’t expire—the risk grows for users outside the U.S. as leveraged crypto products get more attention from regulators.
Fomo is looking to hire more engineers and could look at acquisitions, PYMNTS said, citing reports on the round. AlleyWatch reported the Series B brings Fomo’s total disclosed equity funding to around $94 million. That gives the company more runway, but doesn’t prove it can win over mainstream users from bigger platforms with larger compliance teams and more cash.
Related articles: NASDAQ:COIN
