Fomo Secures $75 Million in Series B Round, Highlights Growth in Crypto Trading
Fomo, a crypto social trading startup, has successfully raised $75 million (approximately AU$107.3 million) in a Series B funding round led by Index Ventures. This latest investment values the company at $550 million (around AU$786.5 million), just a year after its launch, indicating a strong resurgence in investor interest for consumer-centric crypto solutions.
The funding round also saw participation from prominent investors, including Union Square Ventures and existing supporter Benchmark. Notable angel investors included Mark Pincus, co-founder of Zynga, Kevin Hartz, co-founder of Eventbrite, and Discord’s CEO, Humam Sakhnini, as reported on their official blog.
With this round, Fomo’s total disclosed funding amounts to nearly $94 million (about AU$134.4 million).
Accelerated Growth
Founded in 2025 by Paul Erlanger, Se Yong Park, and Prashan Dharmasena—each with a background in derivatives trading from dYdX—Fomo offers users the ability to trade assets seamlessly across multiple blockchains. This platform allows for trading without the intricacies of funding bridges or gas fees. The inclusion of a social layer enhances user engagement by introducing features like copy-trading, trader leaderboards, and real-time activity feeds that display fellow traders’ positions.
Since its inception, Fomo has attracted over 625,000 traders, resulting in a staggering trading volume of more than $4 billion (around AU$5.72 billion) and approximately 110 million social interactions. Notably, 68,000 first-time crypto buyers utilised its Apple Pay integration, leading to purchases that total around $25 million (AU$35.75 million). Additionally, Fomo has allocated over $2 million (AU$2.86 million) in referral fees to its users. Recently, the platform expanded its offerings by introducing perpetual futures, powered by Hyperliquid, for users located outside the United States, marking its transition from spot trading to leveraged products.
This capital raise comes as venture capital investment in the cryptocurrency sector rebounds, despite many tokens trading below their recent highs. In the second quarter of 2026 alone, crypto funding reached $4.1 billion (AU$5.86 billion) across 147 deals, with consumer-focused trading platforms benefiting significantly from this renewed interest following a prior downturn in the market.
Looking Ahead
While Fomo has not specified how it intends to utilise the newly acquired capital, its innovative social trading model—which incentivises users for trades mimicked by others—has promoted rapid growth. However, such mechanics may also escalate herd behaviour during periods of market volatility, necessitating careful management moving forward.
The release of this funding into the dynamic cryptocurrency market signals a robust potential for Fomo as it continues to grow amidst fluctuating market conditions.
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- Find out how Australia’s Crypto Travel Rule took effect on July 1, leading to early Bitcoin withdrawals.
- Explore how Moody’s has expanded credit ratings on-chain with its foray into Solana.
As the crypto space continues to evolve, Fomo’s innovative approach and significant funding position it well to influence the future of trading in digital assets.
