Index Ventures leads $75M Series B in crypto app Fomo

Index Ventures led a $75 million Series B in Fomo, and the company reported a $550 million valuation. Fomo is a retail-focused cryptocurrency trading application aimed at mobile investors.

The round was announced by Fomo and led by Index Ventures, a venture capital firm with offices in Europe and the United States. Fomo said the financing will support product development and efforts to grow its retail user base.

Fomo disclosed the valuation and the size of the Series B but did not provide a breakdown of participation from other investors or a post-money cap table in its announcement.

Series B rounds generally fund growth after a company has established product-market fit; for consumer apps that can include scaling operations, hiring, product development and entering new markets.

Fomo provides mobile access for retail investors to trade crypto assets and offers features such as spot trading, portfolio tracking and simplified onboarding for new users.

The financing adds to venture capital activity focused on consumer crypto platforms and related infrastructure, including custodial services, compliance tools and fiat on-ramps.

Fomo did not publish a detailed roadmap tied to the fundraising and did not disclose specific hiring targets or planned market entries.