Mercuryo Raises $7.5 Million in a Series A Funding Round

Mercuryo, a London-based startup specializing in building cross-border Payments Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl Read this Term network, announced on Monday that it had raised $7.5 million in a Series A round of funding. The manoeuvre was possible after Target Global, an International Venture Capital firm, headed the funding process.

“The need for fast and efficient international payments, especially for businesses, is as relevant as ever. Our team has a clear plan on 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,” Petr Kozyakov, Mercuryo’s Co-Founder and CEO commented on the announcement.

Since the company started to onboard clients in 2019, Mercuryo saw an annual recurring revenue in April that crossed the $50 million threshold. Among its partners include Binance, Bitfinex, Trezor, Trust Wallet, Bithumb and Bybit. Additionally, Angel investors participated in the Series A round of funding as the startup had raised over $10 million since 2018 when it was founded.

Plans for the Future

Looking ahead, the European startup expects to use the capital raised to launch a cryptocurrency-based debit card where customers could spend directly from the crypto balance held in their wallet. Moreover, Mercuryo has planned to expand further into Latin America and Asia-Pacific regions. “We plan to use the capital to expand into new markets and launch business solutions enabling any company to become a Fintech Fintech Financial Technology (fintech) is defined as ay technology that is geared towards automating and enhancing the delivery and application of financial services. The origin of the term fintechs can be traced back to the 1990s where it was primarily used as a back-end system technology for renowned financial institutions. However, it has since grown outside the business sector with an increased focus upon consumer services.What Purpose Do Fintechs Serve?The main purpose of fintechs would be to suppl Financial Technology (fintech) is defined as ay technology that is geared towards automating and enhancing the delivery and application of financial services. The origin of the term fintechs can be traced back to the 1990s where it was primarily used as a back-end system technology for renowned financial institutions. However, it has since grown outside the business sector with an increased focus upon consumer services.What Purpose Do Fintechs Serve?The main purpose of fintechs would be to suppl Read this Term without dealing with its complications,” the company said in a tweet.

“@Mercuryo_io is growing at a tremendous pace, despite market fluctuations. We build a range of products and don’t depend on a crypto segment. The new round brings us a step closer to the global disruption of the payments market,” Greg Waisman, Mercuryo’s Co-Founder and Chief Operations Officer, stated in a tweet.

In March, Sumsub, a leading provider of anti-fraud and identity verification solutions, announced that it had joined forces with Mercuryo to offer swift and thorough customer onboarding procedures for cryptocurrency-related businesses and their users.