Mercuryo Raises $7.5M for Crypto Payments

Mercuryo Secures $7.5 Million in Series A Funding

Mercuryo, a company specializing in cross-border payments, has successfully completed a $7.5 million Series A funding round.

The London-based firm positions itself as a crypto infrastructure company, focused on integrating blockchain technology for business applications through its digital asset payment gateway. It effectively consolidates diverse payment methods, facilitating both fiat and cryptocurrency payments and payouts for businesses.

Simplifying Cross-Border Transactions with Cryptocurrency

In essence, Mercuryo leverages cryptocurrencies to streamline next-generation, international money transfers. The company’s goal is to empower any business to operate as a fintech entity without the complexities traditionally associated with such ventures.

Petr Kozyakov, Mercuryo’s co-founder and CEO, emphasized the continuing importance of rapid and efficient international payments for businesses. While numerous companies address cross-border payments, Mercuryo differentiates itself through its strong focus on cryptocurrency.

Kozyakov stated the team is dedicated to making crypto universally accessible by enabling cost-effective and simplified transactions. These cryptocurrency assets can then be utilized for global money transfers, large-scale payouts, and the facilitation of acquiring services, among other applications.

mercuryo raises $7.5m for crypto-focused, cross-border payments after crossing $50m in arr

Impressive Growth and Expansion

Mercuryo began acquiring customers in early 2019 and has experienced substantial growth, achieving an annual recurring revenue (ARR) exceeding $50 million by April. The company’s customer base is nearing 1 million, and it maintains partnerships with prominent crypto companies like Binance, Bitfinex, Trezor, Trust Wallet, Bithumb, and Bybit.

In 2020, the company reported a 50-fold increase in turnover, with a run-rate turnover surpassing $2.5 billion by April 2021. This momentum has fueled expansion into new markets, including the United States, where its crypto payment solutions for B2B clients were launched nationwide earlier this year.

Future expansion plans include a “gradual” rollout to Africa, South America, and Southeast Asia.

Series A Details and Future Plans

Target Global spearheaded Mercuryo’s Series A round, with contributions from various angel investors. This brings the startup’s total funding since its 2018 founding to over $10 million.

The newly acquired capital will be allocated to the launch of a cryptocurrency debit card – enabling global spending directly from a user’s crypto wallet – and continued expansion into new markets, specifically Latin America and the Asia-Pacific region.

Mercuryo’s Product Suite

Mercuryo offers a range of products, including a multicurrency wallet with integrated crypto exchange and digital asset purchasing capabilities. Additionally, it provides a widget, high-volume cryptocurrency acquiring, and over-the-counter (OTC) services.

Kozyakov highlighted that the company does not impose fees for currency conversion or any other “hidden charges.”

“We facilitate instant and effortless cross-border transactions for our partners and their customers,” he explained. “These money transfer services eliminate intermediaries and streamline the process, requiring only two steps: a fiat-to-crypto exchange for sending and a crypto-to-fiat conversion for receiving funds.”

Crypto SaaS Solutions

Mercuryo also provides crypto Software-as-a-Service (SaaS) products, allowing customers to purchase crypto through their fiat accounts while outsourcing digital asset management to Mercuryo.

“Whether it’s virtual accounts or third-party customer wallets, we manage most cryptocurrency-related processes for banks, allowing them to concentrate on their core business functions,” Kozyakov stated.

Positive Validation from Target Global

Mike Lobanov, co-founder of Target Global, described a test conducted by his firm to evaluate various solutions for purchasing Bitcoin.

“As part of our due diligence, we measured ‘time to crypto’ – the duration from downloading the app to having the digital assets in the wallet,” he said.

Mercuryo achieved the fastest time, at 6 minutes, encompassing KYC verification, funding, and cryptocurrency acquisition, according to Lobanov. The next best result was 20 minutes, with some apps taking considerably longer.

“This company is a true innovator in the field, and we are proud to have supported them from the beginning,” he added.

Future Innovations: Mass Payouts

Looking forward, Mercuryo intends to introduce a product enabling businesses to send instant mass payments to numerous customers and gig workers simultaneously, regardless of their location.