According to TechCrunch, crypto trading app Fomo just secured a $17 million Series A led by Benchmark, bringing their total funding to $19 million. The app launched in May and immediately saw explosive growth after adding Apple Pay support, reaching $150,000 in weekly revenue and $3 million in daily trading volume within months. Founders Paul Erlanger and Se Yong Park skipped traditional seed funding and instead convinced 140 of their “dream angels” to invest, including Polygon Labs CEO Marc Boiron, Solana co-founder Raj Gokal, and former Coinbase CTO Balaji Srinivasan. Since closing the round in September, Fomo has onboarded over 120,000 users and now processes $20-40 million in daily volume with about $150,000 in daily revenue. The app charges 0.50% transaction fees but eliminates gas fees, positioning itself as a frictionless gateway to millions of crypto assets across multiple blockchains.
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Benchmark’s rare crypto move
Here’s the thing that makes this interesting: Benchmark doesn’t really do crypto. Like, at all. They backed Chainalysis back in 2018 and made a few other small bets, but this isn’t their usual playground. So when three different people reached out to Benchmark’s Chetan Puttagunta about Fomo, that’s got to mean something. The firm is famously selective – they only do a handful of deals per year. For them to jump into consumer crypto trading now, when the market’s been pretty volatile… that’s a statement.
The unusual angel strategy
What really stands out is how these founders approached fundraising. Instead of doing the standard seed round, they made a list of 200 people they actually wanted involved in their business. Then they worked every connection they had from their dYdX days. When warm intros didn’t work? They cold-called. And get this – 140 of those dream investors said yes. That’s an insane conversion rate. Basically, they built an army of crypto insiders before they even went to institutional money. Smart move, honestly. When you’ve got the CEO of Polygon Labs and Solana’s co-founder already bought in, it makes Benchmark’s decision a whole lot easier.
The Apple Pay game-changer
Now here’s where it gets really interesting. A month after launch, they added Apple Pay support and everything went crazy. Users could download the app and start trading immediately. No complicated wallet setups, no gas fee calculations. Just tap and go. That’s when revenue jumped to $150,000 per week and daily volume hit $3 million. The question is: can they maintain this momentum? Crypto trading apps aren’t exactly rare, and we’ve seen plenty of flash-in-the-pan successes that fizzled out. But eliminating gas fees and simplifying onboarding seems to be hitting a nerve with people who find traditional crypto platforms intimidating.
Risks and reality check
Look, let’s be real for a second. Trading volume of $20-40 million daily sounds impressive, but we’re talking about crypto here. Markets can turn on a dime. And promising access to “every crypto asset ever” across all blockchains? That’s an ambitious claim. The founders admit they’re not there yet but say they’ll be close in six months. I’m skeptical. Managing millions of assets across multiple chains while maintaining security and performance? That’s a massive technical challenge. Plus, regulatory uncertainty around crypto hasn’t exactly disappeared. But with Fomo’s rapid growth and Benchmark’s backing detailed in their fundraising announcement, they’ve certainly got the resources to try. Whether they can actually deliver on that “super app” vision while navigating crypto’s wild swings? That’s the billion-dollar question.
