On January 27, Mercuryo, a global crypto payments company based in London, announced that more than 2 million users have used its multicurrency wallet service. This represents over 350% growth in its customer base since last year. As a main product among the company's offerings, the multicurrency wallet is a custodial solution with built-in crypto on-ramp functionality that enables customers to manage their digital asset holdings as conveniently as local currencies.
Mercuryo stated that 2021 was a busy year for the company. During that year, the crypto firm made its expansion into the Asian and US markets. As a result, the expansion efforts enabled the firm to grow its customer base through both B2B partners and through its own B2C wallet in Indonesia, Brazil, and Mexico.
Besides its rapid expansion into global markets, Mercuryo is celebrating a record-breaking beginning to the year 2022. The company is already witnessing new highs of monthly transaction volumes of up to €80 million and growing its wallet service's user base to 2.2 million customers globally. This represents a 355% rise from 2021's 485,000 and nearly 50-fold growth since 2020.
In the entire last year, Mercuryo grew its list of B2B partnerships to more than 200. The partnerships featured major deals with top digital asset enterprises like ADVcash, Bybit, Bithumb, Bitfinex, 1inch, Trust Wallet, Trezor and Binance. Apart from that, Mercuryo secured $7.5 million in a Series A funding round led by a pan-European VC firm, Target Global. Mercuryo is on track to accelerate its growth and become the go-to infrastructure provider for crypto-fiat on- and off-ramps.
How Mercuryo Is Accelerating Financial Inclusion
The announcement by Mercuryo comes at a time when the crypto firm remains dedicated to accelerating its international expansion. In June last year, the company raised $7.5 million in a Series A funding round meant to launch a crypto-based debit card to enable its users to spend directly from their crypto balance held in their wallets. Additionally, Mercuryo plans to use the capital to expand into new markets and launch business solutions enabling any company to become a Fintech without dealing with the complications. Besides that, the firm plans to expand its business into Asia-Pacific and Latin America regions.
Mercuryo started onboarding clients in April 2019, and, as a result, it witnessed an annual recurring revenue that crossed the $50 million threshold. The company was founded in 2018, a year when it raised more than $10 million series A funding round led by angel investors.
Petr Kozyakov, Mercuryo’s Co-Founder and CEO, recently highlighted the company’s priorities: “The need for fast and efficient international payments , especially for businesses, is as relevant as ever. Our team has a clear plan of making crypto universally available by enabling cheap and straightforward transactions. Cryptocurrency assets can then be used to process global money transfers, mass payouts and facilitate acquiring services, among other things.”
