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BFD Expert Voices - Private Credit

BFD Expert Voices

Fomo, a social trading app, has acquired Mobula's data-indexing software and team for $17 million, CEO Paul Erlanger tells Axios Pro exclusively.

Why it matters: Traders need timely price, trade and wallet data to decide who to follow and what to buy. 

Zoom in: Fomo is buying Mobula's software and intellectual property for a mix of cash and equity.

Mobula's three-person, Paris-based team will join Fomo in New York, while its external product will be sunset, Erlanger says.

How it works: Fomo lets users trade on-chain assets, follow other traders and share positions without having to navigate different digital wallets, chains, gas fees or routing.

Mobula, meanwhile, provides prices, wallet activity, trade history and real-time streams other apps use to make blockchain activity readable.

Bringing that infrastructure in-house gives Fomo more control over performance and problems as its user base grows, Erlanger says.

What they're saying: "Mobula is just by far the fastest, the highest throughput, and the most performant data-indexing platform we've ever worked with," Erlanger says.

Flashback: Fomo raised a $75 million Series B led by Index Ventures in June, with Union Square Ventures and Benchmark also participating.

By the numbers: Fomo says it has more than 1.9 million users, with more than 1.2 million active in August. 

Trading volume rose from $500 million in June to $1.5 billion in July, per Fomo. It is pacing toward more than $2.8 billion in August, with about $17 million in monthly revenue.

What's next: Fomo recently rolled out Creator Rewards, a program that will share a portion of trading-fee revenue with users based on trading, writing, audience-building and leaderboard performance.

Exclusive: Fomo brings Mobula data tech in-house in $17M deal

Traders need timely price, trade and wallet data.

Illustration of a hand holding a cell phone displaying an investment screen with money shapes and textures surrounding them

Fomo, a social trading app, has acquired Mobula&#x27;s data-indexing software and team for $17 million, CEO Paul Erlanger tells Axios Pro exclusively.Why it matters: Traders need timely price, trade and wallet data to decide who to follow and what to buy.

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Exclusive: Fomo brings Mobula data tech in-house in $17M deal

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