Fomo, a flashy new consumer-facing cryptocurrency trading app that’s been making waves lately with its lofty aspirations and $12 million war chest, is not the first. Paul Erlanger Fomo co-founders Paul Erlanger and Se Yong Park started the company to change the way people trade. They enable consumers to buy and sell a much wider array of assets, from prediction markets to securities that might resemble bonds. The app was released in May, and it took off almost immediately. Apart from that, it has already onboarded more than 120,000 users, disrupting the crypto trading ecosystem.
The app has had some highly successful adoption, too – averaging around $20 million to $40 million a day in trading volume. That increase in activity has been reflected in daily revenue, which has grown to about $150k per day. Fomo earns money by collecting a transaction fee of 0.50% per trade. Similar to transactions on Ethereum, for transactions occurring on the Solana blockchain, there is a minimum fee of $0.95. Specifically, there are zero minimum trade execution fees on other blockchains, like Base and BNB Chain.
One of the most transformative moments in Fomo’s journey happened just after we launched, when the company integrated Apple Pay. This one feature changed the game for how well the app worked. As a result, weekly revenue tripled by $150k which increased daily volume to an all-time high of $3 million!
“Their vision is clearly resonating with truly exceptional growth since they launched a few months ago,” remarked Chetan Puttagunta, a partner at Benchmark, which led Fomo’s recent $17 million Series A funding round.
Fomo’s founders have a combined history of raising $19 million in funding. They went through a very careful process to identify a list of 200 potential angel investors and ended up getting investments from 140—impressive! Erlanger expressed confidence in their strategy, stating, “We knew that every single person would be valuable to us in the business.”
Fomo’s longterm vision goes far beyond making it easy to spend crypto. The founders ultimately want to build a single platform that users can easily use to trade any asset class on the same platform without friction.
Se Yong Park emphasized their ambitious goals by noting, “There’s a lot of people we never got to, like Elon Musk.” This commitment underscores both their ambition to expand and deepen their reach and intention to engage with bold leaders across the investment community.
