MobileCoin

MobileCoin

Payment solution using stablecoins for transactions

About MobileCoin

Simplify's Rating
Why MobileCoin is rated
B
Rated C on Competitive Edge
Rated A on Growth Potential
Rated B on Rating Differentiation

Industries

Consumer Software

Fintech

Company Size

11-50

Company Stage

Series B

Total Funding

$177.4M

Headquarters

San Francisco, California

Founded

2018

Overview

MobileCoin provides a payment solution that uses stablecoins to enable secure and efficient transactions. Its main product is eUSD, a stablecoin that is backed 1:1 by a collection of top-rated stablecoins, which are fully collateralized with USD or equivalents. This allows businesses to conduct transactions without relying on traditional fiat currencies. MobileCoin differentiates itself from competitors by offering an open-source technology platform that supports public audits, ensuring transparency and trust. Additionally, the company provides developers with resources like APIs, SDKs, and security audits to create a secure ecosystem. The goal of MobileCoin is to facilitate innovative payment methods for businesses while generating revenue through transaction fees and partnerships.

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Simplify's Take

What believers are saying

  • Integration with Signal boosts user adoption, leveraging over 1 million existing users.
  • The eUSD stablecoin taps into the growing demand for less volatile cryptocurrency options.
  • $100 million funding enhances MobileCoin's capacity for technology development and partnerships.

What critics are saying

  • Regulatory scrutiny on stablecoins could impact MobileCoin's operations and growth.
  • Cryptocurrency market volatility threatens MobileCoin's stability and investor confidence.
  • Intense competition from major players like PayPal and Square may overshadow MobileCoin.

What makes MobileCoin unique

  • MobileCoin integrates with popular messaging apps like Signal for seamless transactions.
  • The platform emphasizes privacy and security, crucial in today's digital payment landscape.
  • MobileCoin's eUSD stablecoin is backed by multiple stablecoins, ensuring stability and trust.

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Funding

Total Funding

$177.4M

Above

Industry Average

Funded Over

2 Rounds

Notable Investors:
Series B funding is typically for startups that have proven their business model and need more funding to expand rapidly—often by entering new markets or adding more products. Investors are usually venture capital firms that specialize in later-stage investments.
Series B Funding Comparison
Above Average

Industry standards

$35M
$45M
Linktree
$65M
Substack
$66M
MobileCoin
$100M
ClickUp

Growth & Insights and Company News

Headcount

6 month growth

-5%

1 year growth

-3%

2 year growth

-5%
MobileCoin
Jan 9th, 2024
MobileCoin's Statement on $MOB and Binance

In Oct. 2022, in collaboration with Reserve, MobileCoin launched eUSD, a first-of-its-kind token that is tied directly to USD through pools of multiple stablecoins.

GlobeNewswire
Sep 13th, 2023
MobileCoin Announces New CEO to Lead Company Into Next Phase of Its Global Development

SACRAMENTO, Calif., Sept. 13, 2023 (GLOBE NEWSWIRE) -- MobileCoin, the company aiming to create a world where you can pay anyone, anywhere, instantly and securely, today announced the appointment of Sara Drakeley to the post of Chief Executive Officer.

Fast News Feed
Sep 1st, 2023
MobileCoin Launches an eUSD Stablecoin | Gagarin News

MobileCoin, a provider of cryptocurrency services, has recently announced the launch of its own eUSD stablecoin.

CNN
Apr 6th, 2023
Bob Lee, Cash App founder, dead after apparent stabbing attack in San Francisco | CNN Business

Lee joined MobileCoin, a cryptocurrency and digital payments startup, in 2021 as its chief product officer.

PYMNTS
Apr 5th, 2023
Cash App Founder Bob Lee Killed In Stabbing

The founder of Cash App has reportedly been killed in a stabbing in San Francisco.According to multiple news reports Wednesday (April 5), Bob Lee, who had become the chief product officer at crypto firm MobileCoin, was fatally attacked early Tuesday (April 4).A report by the San Francisco Chronicle — citing police department sources — said Lee was the subject of a statement issued by the department of a 43-year-old man found suffering from apparent stab wounds.“Officers rendered aid and summoned medics to the scene,” the police report said. “The victim was transported to a local hospital with life-threatening injuries. Despite efforts by first responders and medical personnel, the victim succumbed to his injuries.”Police said in the report that the death is under investigation and no suspects have been identified.Lee’s killing drew outrage among people in the tech sector about the state of San Francisco, but also an outpouring of fond memories.“He was made for the world that is being born right now,” MobileCoin’s Moby App said in a statement on the company website. “Bob was a child of dreams, and whatever he imagined, no matter how crazy, he made real. Bob was made for the new world.”The statement outlined Lee’s resume, which includes time at Google’s Android; his role as the first chief technology officer of Square, where he launched Cash App; and his work at MobileCoin.Joshua Goldbard, MobileCoin’s founder, tweeted Wednesday that Lee was “like a brother.”1/ Thread 🧵 .@crazybob was an incredible human being. Saying bob’s name in the past tense feels ridiculous

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