Fomo (fomo.family), the social-first cross-chain crypto trading app, has raised $75 million in Series B funding led by Index Ventures with participation from Union Square Ventures and Benchmark. The app lets users sign in with Apple ID or email to trade memecoins, perpetuals, and other assets across Solana, Base, BNB Chain, and Monad without wallets, bridges, or gas fees. The capital will support scaling its social features and product expansion.
Index Ventures Leads Consumer Crypto Bet
The timing aligns with established venture firms entering consumer crypto applications. Index Ventures, known for Figma and Scale AI, led the round alongside Union Square Ventures and Benchmark, which had backed the prior $17 million Series A. Fomo's approach combines a real-time social feed, leaderboards, and copy trading with gasless multichain execution, addressing gaps left by broader platforms.
Onboarding Friction Limits Crypto Adoption
Traditional crypto apps require seed phrases, wallet management, and chain-specific knowledge that deter mainstream users. Fomo reports 68,000 first-time crypto buyers via Apple Pay, totaling $25 million, and states that 90 percent of its 625,000-plus users come from TikTok, YouTube, and Instagram rather than crypto-native channels. The platform has processed over $4 billion in trading volume and 110 million social interactions.
Gasless Multichain Design with Social Layer
Fomo abstracts wallet generation, gas sponsorship, and cross-chain routing into a single unified balance. Users discover trades through a live feed and leaderboard showing real-time positions and P&L. The app recently added perpetuals for equities, pre-IPO names, indices, and commodities via Hyperliquid and TradeXYZ, plus native TradingView charting. This differs from power-user terminals like GMGN.AI or established exchanges that retain higher fees and onboarding steps.
"We're not doing Fomo because it's a crypto business. We're doing Fomo because we think there is a market shift there, and they have what it takes to capture this next wave of consumer blockchain trading." — Julia Andre, Index Ventures
Mainstream VCs Signal Sector Conviction
Index Ventures and Union Square Ventures typically avoid pure crypto bets yet chose to lead here, citing a shift toward consumer blockchain experiences. Benchmark's continued participation reinforces the thesis. The round values Fomo at $550 million and brings total funding to roughly $94 million across three rounds completed in under 18 months.
Social Trading Platforms Expand Reach
The social trading platform market stands at $10.16 billion in 2026 and is projected to reach $19.81 billion by 2035 at a 7.4 percent CAGR. Broader crypto trading platforms are expected to grow from $54.1 billion in 2025 to $200.5 billion by 2035. Fomo competes with eToro's copy-trading model and Robinhood's commission-free access but differentiates through gasless execution, memecoin focus, and non-custodial design.
Lean Team Delivers Rapid Scale
The three co-founders previously worked at dYdX and began careers at Deutsche Bank. Despite reaching 625,000 users and $4 billion in volume, the company operates with just 17 employees. This efficiency, paired with an angel roster that includes Mark Pincus and Kevin Hartz, underscores founder-market fit in a category shifting toward accessible, social-native trading experiences.