MoonPay Startup Diligence Report
The diligence case rests on whether MoonPay can convert a large consumer/partner footprint in crypto payment infrastructure into durable, compliant, diversified gross profit while maintaining licensing, AML/sanctions controls, payment partner access, fraud/security performance, and valuation support through crypto cycles.
MoonPay Startup Diligence Report
MoonPay is eligible for private-unicorn diligence: public sources support the November 2021 US$3.4B valuation anchor, SEC records show private Form D activity rather than public-company reporting, and current company pages/jobs indicate active operations. Underwriting remains constrained by crypto-regulatory exposure, payment-rail dependency, consumer fraud/reputation risk, token-market cyclicality, and private financial opacity.
MoonPay operates across regulated money transmission, virtual currency, KYC, fraud, sanctions, and cross-border payment domains; public licenses and docs support a compliance footprint but not control effectiveness.
Diligence request: Review license register confirmations, exam findings, regulator correspondence, AML/sanctions/KYC policies, SAR/CTR statistics, vendor screening, blocked jurisdictions, compliance staffing, and independent audits.
The latest public valuation anchor is from 2021; SEC filings decline revenue disclosure and no audited financials, cash, debt, burn, or unit economics are public.
Diligence request: Request audited financials, management accounts, ARR/revenue bridge, volume/take-rate economics, gross margin, reserves, fraud losses, cash/debt, burn, runway, cap table, and board valuation support.
MoonPay transaction volume, consumer demand, and partner monetization are likely sensitive to crypto asset prices, market sentiment, regulatory cycles, and speculative token/NFT activity.
Diligence request: Stress-test revenue, take rate, fraud losses, support costs, and valuation across bull/base/bear crypto-market and regulatory scenarios.
MoonPay’s value proposition relies on external cards, Apple Pay, Google Pay, PayPal, Venmo, banks, local rails, app stores, wallets, and partner integrations, but contracts and concentration are private.
Diligence request: Review partner contracts, sponsor-bank/payment-processor terms, card-network and wallet agreements, SLAs, termination rights, concentration, reserves, fallback routing, and incident history.
MoonPay handles sensitive identity, payment, wallet, and transaction flows; public controls are described but independent security evidence is not public.
Diligence request: Review SOC/ISO/PCI reports, pen tests, bug-bounty history, incidents, fraud-model validation, KYC vendor performance, data retention, encryption/key management, and business continuity.
High-volume consumer crypto payment flows create fraud/scam and support-pressure risks; public review and litigation surfaces require sampling and root-cause analysis.
Diligence request: Sample complaints and tickets, review fraud/scam typologies, reimbursement policies, chargebacks, litigation reserves, BBB/Trustpilot/app-store trends, support SLAs, and enforcement matters.
Stripe, Coinbase, Transak, Ramp Network, exchanges, wallets, and internal partner builds compete for the same fiat-to-crypto/payment integration layer.
Diligence request: Benchmark win/loss, pricing, authorization rates, geographic/payment coverage, fraud liability, compliance coverage, partner switching costs, and attach rates against competitors.
Public newsroom/changelog suggests rapid product and acquisition activity, increasing execution, compliance scope, integration, and focus risk.
Diligence request: Review product roadmap, R&D spend, acquisition purchase agreements, integration plans, KPI adoption, architecture/security reviews, and post-merger retention.
Public evidence verifies a 2021 US$3.4B valuation anchor, private Form D financing notices, and company scale claims, but audited financial statements, projections, cash, debt, unit economics, cap table, and current valuation support are not publicly verifiable.
not publicly verifiable confidence: low
MoonPay is private; public sources disclose financing notices and platform scale claims but not audited income statements, balance sheets, cash flows, backlog, AR aging, product/geography gross profit, or management accounts.
| metric | public signal | verification status | diligence request |
|---|---|---|---|
| Revenue / ARR | SEC Form D revenue range declined to disclose. | not_publicly_verifiable | Audited revenue, ARR bridge, product/channel/geography revenue, NRR, churn. |
| Gross margin / take rate | No public take-rate, spread, processing-cost, fraud-loss, or chargeback schedule. | not_publicly_verifiable | Gross margin by product/payment method, payment costs, reserves, chargebacks, refunds, fraud losses. |
| Transaction volume | Business page claims 10B+ volume. | partially_verified | Volume by period, product, geography, payment method, partner, active user, and net revenue conversion. |
| Cash, debt, burn, runway | No public cash, debt, burn, or runway disclosure. | not_publicly_verifiable | Bank statements, debt instruments, burn, runway, working capital, regulatory reserves. |
not publicly verifiable confidence: low
Public product and market sources identify growth vectors in ramps, commerce, trade, stablecoins, institutional products, and global payment methods; forecasts, pricing assumptions, CAC, payback, and capital plans are private.
not publicly verifiable confidence: low
Public Form D filings support private equity issuance history and related-person disclosures but not current shares, fully diluted ownership, preference stack, debt, warrants, options, or off-balance-sheet liabilities.
| stakeholder or instrument | public position | evidence | diligence caveat |
|---|---|---|---|
| Tiger Global and Coatue | CNBC-reported 2021 financing leads | Led US$555M financing at US$3.4B valuation. | Ownership percentages, rights, and current holdings not public. |
| SAFE holders / equity investors | 2021 Form D note references conversion of SAFEs to equity and 15 investors. | US$385.1M sold in equity notice. | Conversion price, preferences, and dilution not public. |
| 2025 Form D investors | Small 2025 private equity filings with 8, 8, and 1 investors. | US$29.254M aggregate amount sold across reviewed 2025 Form D filings. | Purpose, investor identities, valuation, and rights not public. |
| Employees / option holders | Not publicly disclosed. | No public option ledger, incentive plan, or fully diluted share count. | Requires option ledger, equity plan, 409A, and vesting schedules. |
partially verified confidence: medium
Financing history is partially public through CNBC and SEC Form D filings; tax positions, accounting policies, revenue recognition, and current basis for each round are private.
| date | round or filing | amount or value | participants or signers | diligence caveat |
|---|---|---|---|---|
| 2021-11-22 | CNBC-reported first financing / Series A context | US$555M raised; US$3.4B valuation | Led by Tiger Global and Coatue | Headline report; current valuation and full terms not public. |
| 2021-12-02 | SEC Form D, first sale 2021-11-18 | US$405.1M offered; US$385.1M sold; US$20M remaining | 15 investors; signed by Ivan Soto-Wright | Reconcile to US$555M headline and SAFE conversion note. |
| 2023-01-23 / 2023-09-26 | SEC Form D filings | US$5.678M, US$1.500M, and US$1.499M sold across filings | 2, 2, and 58 investors respectively | Likely small equity issuances; valuation and purpose not public. |
| 2025-01-22 / 2025-04-18 / 2025-07-01 | SEC Form D filings | US$2.283M, US$9.733M, and US$17.237M sold | 8, 8, and 1 investors; Ivan Soto-Wright signer in 2025 filings | Supports active private offering activity; no current valuation disclosed. |
Form D amounts are notice-filing data and may not equal total primary plus secondary financing.
Public sources verify a broad consumer and B2B product surface across buy/sell/swap/send, ramps, commerce, trade, stablecoins, hosted widgets, APIs, and app features; product economics, margins, uptime, roadmap performance, and liability allocation are private.
partially verified confidence: medium
MoonPay publicly offers consumer crypto access and business infrastructure products, but public pages do not disclose product-level revenue, cost structure, profitability, uptime, fraud loss, or roadmap delivery metrics.
| product | audience | public features | verification status | risk link |
|---|---|---|---|---|
| Consumer app / web buy-sell-swap-send | Retail users | Buy/sell crypto; MoonPay Balance; swap 2,000+ pairs; send/receive via MoonTags; 170+ coins in app listing. | partially_verified | Consumer fraud, support, payment-rail, and crypto-cycle exposure. |
| Ramps / hosted widget | Wallets, apps, exchanges, developers | On-ramp/off-ramp hosted widget; MoonPay runs KYC, payments, and UI. | verified | Compliance and payment partner liability. |
| Platform APIs / headless integrations | Business partners and developers | Build on MoonPay APIs/SDKs; connect customers; embed onboarding/payment frames. | verified | API security, uptime, integration complexity. |
| Commerce / Stablecoins / Trade / Institutional | Merchants, enterprises, institutional users | Crypto checkout, stablecoin payouts/settlement/treasury, DeFi liquidity layer, institutional products. | partially_verified | Regulatory scope, product integration, market demand. |
| provider or product | public pricing signal | comparability note | diligence request |
|---|---|---|---|
| MoonPay consumer and business products | Public pages describe payment methods and zero-fee claims for selected app features; full fee schedule, spreads, discounts, and partner economics were not public in reviewed sources. | Pricing may vary by payment method, geography, asset, partner, spread, and promotion. | Fee/spread table, net take rate, enterprise discounts, partner rev-share, reserves, refunds, chargebacks. |
| Stripe fiat-to-crypto onramp | Stripe positions itself as merchant of record handling fraud/disputes/regulatory requirements. | Large payments competitor may compete on trust, liability allocation, and existing merchant relationships. | MoonPay win/loss versus Stripe and liability/pricing comparison. |
| Coinbase Onramp/Offramp | Coinbase docs describe fiat-to-crypto and crypto-to-fiat flows with cards, Apple Pay, Google Pay, ACH, PayPal select countries, and Coinbase balances. | Exchange liquidity and existing Coinbase users can reduce friction. | MoonPay conversion, pricing, asset/network coverage, and partner retention versus Coinbase. |
| Transak / Ramp Network | Competitor pages market payment rail/on-ramp, global coverage, and scale claims. | Crypto-native competition may pressure fees and partner exclusivity. | Benchmark pricing, authorization, coverage, fraud liability, and local payment methods. |
Public sources show large consumer and partner-scale claims and wallet/payment ecosystem references, but customer concentration, active usage, contract terms, churn, NRR, severed relationships, and supplier spend are not publicly verifiable.
not publicly verifiable confidence: low
Public sources disclose consumer scale and review surfaces rather than a list of top 15 customers by application; customer definitions and active usage remain private.
| signal | use case | verification status | gap |
|---|---|---|---|
| 35M+ verified accounts / 180 countries | Consumer crypto buying, selling, sending, and receiving. | partially_verified | Definitions, active users, monetization, and retention not public. |
| Nearly 30M customers / nearly 500 companies | Consumer and partner infrastructure scale. | partially_verified | Different from 35M+ verified accounts; requires reconciliation. |
| 13.1K Google Play reviews; homepage says over 100,000 reviews / TrustScore link | Consumer product reputation surface. | inconclusive | Complaint causes, support SLAs, fraud loss, and app-store rating trends not public. |
| Top 15 customers by application | Checklist-required schedule. | not_publicly_verifiable | Requires customer and partner revenue schedule. |
partially verified confidence: medium
MoonPay claims 500+ ecosystem partners and references wallet, payment, stablecoin, and institutional ecosystem relationships; revenue contribution and contract economics are private.
| partner or category | nature | public evidence | diligence gap |
|---|---|---|---|
| Wallet ecosystem: Trust Wallet, Ledger, MetaMask, Phantom | Wallets/apps that MoonPay listing says it works with. | Google Play listing references these wallets. | Contract terms, volume, exclusivity, and active usage not public. |
| Payment methods: Apple Pay, Google Pay, PayPal, Venmo, bank transfers, Interac, Revolut Pay | Consumer funding/payment rails and local payment-method integrations. | Homepage and changelog reference these methods. | Processor/bank contracts, reserves, pricing, availability, and termination rights private. |
| Coinbase transfer integration | App/account transfer integration. | Changelog says MoonPay integrated with Coinbase for asset transfers. | Scope, usage, support obligations, and dependency terms private. |
| Woori Bank / KRW stablecoin consortium | Stablecoin distribution initiative in MoonPay Korea newsroom item. | Newsroom says Woori Bank joins as inaugural member. | Consortium agreements, regulatory approvals, and revenue model not public. |
not publicly verifiable confidence: low
Revenue concentration and any customers contributing 5%+ of revenue are not publicly verifiable.
not publicly verifiable confidence: low
No public severed-relationship schedule was available; product updates show integrations added, but removals, terminations, and disputes are private.
not publicly verifiable confidence: low
Public sources identify categories of supplier and rail dependency but not supplier spend, contractual terms, or concentration.
| supplier category | role | public signal | concentration risk |
|---|---|---|---|
| Payment processors, card networks, wallets, banks, local rails | Funding, payouts, authorization, settlement, local payment methods. | Company pages list cards, Apple Pay, Google Pay, PayPal, Venmo, bank transfers, Interac, Revolut Pay, and 170+ methods. | Loss or repricing can disrupt conversion, costs, and geography. |
| KYC/KYB/AML/sanctions and fraud tooling | Identity, compliance, fraud screening, challenges. | Developer docs and business page state MoonPay handles KYC/KYB/fraud/compliance. | Control failures can cause enforcement, fraud loss, and partner termination. |
| Cloud/security infrastructure | Hosting, encryption, storage, SDLC and endpoint controls. | Security page references encrypted infrastructure, code review/SAST, MDM, and bug bounty. | Cloud/vendor/security incident could affect regulated flows. |
| Material supplier spend and contracts | Checklist-required supplier schedule. | Not publicly disclosed. | Requires supplier spend, contracts, SLAs, reserves, and fallback plans. |
MoonPay competes in a crowded crypto payment/on-off ramp market against scaled payments companies, crypto exchanges, crypto-native ramp providers, wallets, and partner internal builds; public evidence supports product overlap but not win/loss or pricing realization.
partially verified confidence: medium
Stripe, Coinbase, Transak, and Ramp Network publicly market overlapping on/off-ramp, payment, and wallet-funding capabilities; MoonPay differentiates with scale claims, payment-method coverage, licensing footprint, and unified consumer/B2B products, but pricing and performance are not public.
| company | segment | public scale or feature | product overlap | differentiator or pressure |
|---|---|---|---|---|
| MoonPay | Target company | 10B+ volume, 35M+ verified accounts, 500+ partners, 180+ countries, 170+ payment methods claimed. | Consumer app, ramps, commerce, trade, stablecoins, APIs. | Broad license footprint and partner claims; economics private. |
| Stripe | Global payments platform | Fiat-to-crypto onramp; merchant of record; handles fraud/disputes/regulatory requirements. | Onramp for platforms and Dapps. | Existing merchant base and payments trust may pressure MoonPay. |
| Coinbase | Exchange/developer platform | Onramp/offramp, cards/Apple Pay/Google Pay/ACH/PayPal select countries/Coinbase balances, 200+ assets. | Wallet funding and cash-out. | Exchange liquidity and Coinbase user balances. |
| Transak and Ramp Network | Crypto-native ramp providers | Transak markets stablecoin payment rail; Ramp Network claims 8M customers, 150+ countries, 100+ crypto assets. | On/off-ramp and payment infrastructure. | Coverage and fee competition in crypto-native channels. |
| axis | MoonPay public position | competitor pressure | evidence | diligence request |
|---|---|---|---|---|
| Regulatory/compliance coverage | Broad license/registration page and docs say KYC/compliance handled. | Stripe and Coinbase also publicize regulatory/compliance handling. | EC-007, EC-008, EC-016 | License conditions, audits, enforcement history, partner acceptance, and costs. |
| Payment method/geography breadth | 170+ methods and 180+ countries claimed. | Ramp Network claims 150+ countries; Coinbase/Stripe have strong payment rails. | EC-006, EC-016 | Actual available corridors, authorization rates, cost, and uptime. |
| User/partner distribution | 35M+ verified accounts and 500+ partners claimed. | Coinbase user balances and Stripe merchant relationships may reduce acquisition friction. | EC-006, EC-016 | Active user/partner revenue, churn, and win/loss. |
| Market cyclicality resilience | Public evidence does not disclose recession/bear-market performance. | All crypto rails face market sentiment and regulation risk. | EC-017 | Cohort performance and revenue stress tests across crypto cycles. |
MoonPay’s public GTM combines direct consumer app/web acquisition, partner-embedded ramps/APIs, business sales, developer docs, app stores, and product/press announcements; CAC, sales productivity, pipeline, budgets, and revenue by channel are private.
partially verified confidence: medium
Public pages position MoonPay as a consumer and business payments platform with global payment-method coverage, product PR, app listings, and developer docs.
| channel | public evidence | target | known metric | gap |
|---|---|---|---|---|
| Direct consumer web/app | Homepage and Google Play listing for buy/sell/swap app. | Retail users | 35M+ verified accounts claim; 13.1K Google Play reviews. | CAC, active users, conversion, retention, fraud/support costs. |
| B2B partner widget/API | Developer docs and business page. | Wallets, apps, exchanges, merchants, fintechs. | 500+ ecosystem partners claim. | Partner-sourced revenue, active integrations, contract terms. |
| Product/news-led expansion | Newsroom/changelog for Trade, Headless Onramps, stablecoins, Institutional, product integrations. | Developers, enterprises, institutions, crypto users. | No public conversion or revenue metric. | Pipeline, ROI, adoption, and retention. |
| Payment/wallet/app-store ecosystem | Apple Pay, Google Pay, PayPal, Venmo, bank transfers, Interac, Revolut Pay, Coinbase, Trust Wallet, Ledger, MetaMask, Phantom. | Users through trusted payment and wallet endpoints. | 170+ payment methods claim. | Dependency terms and channel concentration. |
not publicly verifiable confidence: low
Major customer status, trends, pipeline, and future growth are not public; partner counts and examples do not reveal pipeline quality.
partially verified confidence: medium
Principal public avenues are direct app/web acquisition, B2B partner integrations, developer onboarding, wallet/payment partner ecosystems, product launches, and international payment-method expansion.
not publicly verifiable confidence: low
Sales productivity, quotas, compensation, sales cycle, enterprise pipeline, and plan for new hires are private; public jobs show some marketing, compliance, and operations hiring but not sales model productivity.
not publicly verifiable confidence: low
Public sources do not disclose marketing budget, CAC, sales/marketing headcount, or projected spend; ability to execute plan is not publicly verifiable.
| signal | public evidence | potential value | risk or gap |
|---|---|---|---|
| Scale claims | 10B+ volume, 35M+ verified accounts, 500+ partners, 180+ countries, 170+ methods. | Credibility with partners and consumers. | Definitions and revenue conversion not public. |
| Review/social proof | Homepage says TrustScore/111K reviews and over 100,000 reviews; Google Play shows 13.1K reviews. | Trust and consumer conversion. | Complaint sample and support quality not public. |
| Newsroom product velocity | Trade, Headless Onramps, acquisitions, stablecoin consortium, Institutional, MoonAgents, Gateway, etc. | Developer/partner awareness and product breadth. | Adoption and revenue contribution not public. |
| Regulatory/security trust messaging | Licenses page and security page. | B2B and consumer trust in regulated payment flows. | Independent audit/effectiveness evidence not public. |
Public pages show active product development across trade, headless onramps, institutional, stablecoins, wallet/account features, and payment-method additions; R&D spend, staffing, architecture reviews, backlog, and roadmap economics are private.
partially verified confidence: low
R&D organization is not fully public, but product/security/data job postings and developer docs indicate engineering, data, security, compliance, and operations needs.
| role or group | source signal | likely relevance | gap |
|---|---|---|---|
| Data/analytics engineering | Senior Analytics Engineer - Crypto and Payments; Senior Data Platform Engineer. | Payment, crypto, fraud, and product analytics infrastructure. | Team size, architecture, backlog, data governance private. |
| Product operations | Senior Program Manager, Product Operations. | Roadmap execution and operationalization of product launches. | Roadmap ownership and delivery KPIs private. |
| Security engineering | Cloud Security Engineer, Product Security Manager, Senior Security Engineer - Automation. | API/cloud/product security for regulated payment flows. | Incidents, SOC reports, and security backlog private. |
| Compliance/fraud operations | Chief Auditor, Regulatory Compliance Specialist, KYB/KYC Analysts, Fraud roles. | R&D/compliance interfaces for identity, fraud, and sanctions tooling. | Control effectiveness and staffing adequacy private. |
partially verified confidence: medium
Public pipeline signals include Trade, Headless Onramps, Institutional/Sodot, Dawn/DFlow acquisitions, stablecoin initiatives, MoonTags, MoonPay Balance, P&L, TRON, Coinbase transfer, Interac, and Revolut Pay updates; cost and adoption are private.
| project | public status | source signal | risk or dependency | diligence request |
|---|---|---|---|---|
| MoonPay Trade / DeFi liquidity layer | Launched/publicly promoted | Business/newsroom pages reference Trade. | Market/liquidity/regulatory risk. | Adoption, volume, liquidity partners, smart-contract/security review. |
| Headless Onramps / Platform APIs | Publicly promoted | Newsroom and developer docs. | API security, KYC/fraud, authorization, partner integration. | Launch metrics, uptime, conversion, integration backlog. |
| Institutional / Sodot / stablecoin initiatives | Newsroom product/acquisition signal | Newsroom says MoonPay acquired Sodot, launched Institutional, and Korea stablecoin initiative. | Regulatory scope, custody/treasury, enterprise sales. | Acquisition documents, regulatory approvals, revenue plan. |
| Consumer account features: MoonTags, P&L, Balance, TRON, Coinbase transfer, Interac, Revolut Pay | Changelog updates | Changelog entries. | Support, fraud, payment-method operations, chain coverage. | Feature adoption, incidents, support tickets, fraud impact. |
Public sources identify selected leaders and hiring signals but not a complete org chart, board roster, headcount, compensation, equity grants, employee relations, or turnover.
not publicly verifiable confidence: low
Only a partial public org view is available from the about page, SEC related-person data, and job postings.
Reporting lines are illustrative placeholders for diligence; public sources do not disclose actual reporting lines.
not publicly verifiable confidence: low
Historical and projected headcount are private; public Lever postings show active hiring across several regulated and technical functions.
| function or location | public signal | count or examples | diligence gap |
|---|---|---|---|
| Overall public roles | Lever public board | 20 postings extracted during research. | Not equal to headcount; evergreen roles possible. |
| Compliance, audit, KYB/KYC, fraud/trust | Chief Auditor, Regulatory Compliance Specialist, KYB/KYC Analysts, Fraud Analyst, Head of Fraud Strategy & Ops. | At least 6 postings in regulated-control functions. | Staffing adequacy, remediation drivers, and workload private. |
| Data, product operations, security, IT | Analytics/data platform, product operations, cloud/product/security automation roles. | Technical/control roles across U.S./Europe/South Africa and remote locations. | Engineering headcount, security backlog, and roadmap capacity private. |
| Geographic footprint | Locations include New York/U.S., London/U.K., Europe remote, India/Bengaluru/Bangalore, Mexico, South Africa. | Global/hybrid/remote hiring signals. | Legal employer entities, payroll compliance, and headcount by jurisdiction private. |
partially verified confidence: medium
The about page verifies Ivan Soto-Wright as CEO & Founder, and SEC related-person data identifies Ivan Soto-Wright, Asiff Hirji, and Maximilian Crown; full bios and tenure are private.
| name | public role | source evidence | diligence caveat |
|---|---|---|---|
| Ivan Soto-Wright | CEO & Founder; SEC related person Executive Officer/Director | About page leadership; 2025 Form D related-person data. | Employment agreement, compensation, tenure, board role, and conflicts private. |
| Asiff Hirji | SEC related person Executive Officer/Director in 2025 Form D | 2025 Form D related-person data. | Current title, responsibilities, compensation, and tenure not public in reviewed sources. |
| Maximilian Crown | SEC related person Director in July 2025 Form D; Executive Officer/Director in earlier 2025 filings | 2025 Form D related-person data. | Current officer status and operational involvement require confirmation. |
| Full management and board roster | Not publicly complete | No complete public org chart or board roster was available. | Requires company-provided roster and board materials. |
not publicly verifiable confidence: low
Executive compensation, employment agreements, benefits, severance, and retention terms are private.
| item | public status | why it matters | request |
|---|---|---|---|
| Departures / turnover | Not publicly verifiable. | High turnover in compliance, fraud, security, engineering, or partner operations can impair controls. | Turnover by function/location for last two years and current YTD. |
| Executive compensation/employment agreements | Not publicly verifiable. | Retention, severance, change-of-control, and noncompete terms affect economics and execution. | Employment agreements, compensation, benefits, severance, retention. |
| Incentive stock plans and option ledger | Not publicly verifiable. | Dilution and retention grants can materially affect cap table. | Equity plan, option/RSU ledger, vesting, exercise prices, 409A, acceleration. |
| Employee relations / claims | Not publicly verifiable. | Whistleblower, discrimination, wage-hour, or conduct claims can create legal and reputational risk. | Employee claims, investigations, HR policies, settlements, reserves. |
not publicly verifiable confidence: low
Incentive equity plans, option pool, vesting schedules, exercise prices, and refresh grants are private.
not publicly verifiable confidence: low
No public employee-relations problem schedule was available; public hiring and legal records are insufficient to assess employee matters.
not publicly verifiable confidence: low
Turnover data for the last two years and retention plans are not public.
Public evidence verifies a broad license/registration footprint, selected court-search results, security claims, and private-company eligibility signals; full litigation, regulatory, IP, insurance, material-contract, privacy, sanctions, and compliance evidence requires counsel and data-room review.
partially verified confidence: medium
CourtListener search identified public cases naming MoonPay or MoonPay USA LLC, including one pending Southern District of Florida case and other terminated/pending search hits; docket-level legal review is required.
| case | court docket | filed status | diligence caveat |
|---|---|---|---|
| Wilhelm v. MoonPay USA LLC | N.D. Ill., 1:23-cv-16894 | Filed 2023-12-18; terminated 2024-03-26 in CourtListener result. | Review pleadings, dismissal terms, settlement/reserves, insurance notice. |
| United Kingdom Film Distribution (1990) Ltd. v. Moonpay USA LLC | M.D. Fla. 8:24-cv-02668; S.D. Fla. 1:24-cv-24955 | M.D. Fla. filed 2024-11-15 and terminated 2024-12-18; S.D. Fla. filed 2024-12-18 and pending in search result. | Review transfer, claims, damages, current status, and exposure. |
| Adonis Real v. Yuga Labs, Inc. | C.D. Cal., 2:22-cv-08909 | Filed 2022-12-08; pending in CourtListener result; MoonPay appears in search results. | Confirm MoonPay party status, allegations, class exposure, and current docket. |
| Full litigation schedule | Not public | Not publicly verifiable. | Requires company/counsel litigation, arbitration, threatened claims, and settlement schedule. |
CourtListener search is an index; docket-level review is required.
unverified confidence: low
No public MoonPay-initiated case schedule was identified in the reviewed CourtListener searches; absence of search hits is not proof none exist.
| matter type | public result | verification status | request |
|---|---|---|---|
| Federal plaintiff-side lawsuits | Reviewed CourtListener MoonPay searches did not identify a clear pending MoonPay-initiated lawsuit. | unverified | Counsel schedule of initiated litigation and arbitrations. |
| IP enforcement / takedowns | Not publicly verifiable. | not_publicly_verifiable | Trademark/domain/copyright enforcement matters and takedown notices. |
| Collections / partner disputes | Not publicly verifiable. | not_publicly_verifiable | Partner, processor, wallet, customer, vendor, and collection disputes. |
| Arbitration / confidential claims | Not publicly verifiable. | not_publicly_verifiable | Arbitrations, demand letters, settlement agreements, and threatened claims. |
not publicly verifiable confidence: low
As a fintech/software company, public environmental/safety exposure appears limited, but office, remote-work, employee safety, data-center/cloud, and employment compliance records are private.
not publicly verifiable confidence: low
Public brand/product use is visible; complete patent, trademark, copyright, open-source, and IP assignment schedules were not publicly verifiable.
| asset or license | jurisdiction | public status | diligence gap |
|---|---|---|---|
| MoonPay brand, domain, and app listing | Global public web/app stores | Visible public use on MoonPay.com and Google Play. | Trademark registrations, oppositions, assignments, and brand licenses not fully verified. |
| FCA / FinCEN / FINTRAC / AUSTRAC / AFM / JFSC registrations | UK, U.S., Canada, Australia, EEA, Jersey | Listed on MoonPay licenses page. | Confirm with regulator registers, conditions, exams, and correspondence. |
| U.S. state money transmitter and NY virtual currency authority | U.S. states including New York | Licenses page lists many state licenses and NY virtual currency business activity company license 0000045. | Verify active standing, bonds, conditions, complaints, exams, and renewals. |
| Patents, copyrights, OSS, acquired IP, and employee inventions | Global / company-specific | Not publicly verifiable in complete form. | Requires IP schedule, chain-of-title, employee invention assignments, OSS scan, and counsel review. |
not publicly verifiable confidence: low
Cyber, E&O, D&O, crime, money-transmission, professional liability, and litigation insurance are not public.
not publicly verifiable confidence: low
Material customer, partner, bank, processor, app-store, wallet, cloud, KYC/fraud, and supplier contracts are private; public evidence supports active private status and dependencies but not terms.
partially verified confidence: medium
Public licensing and security/compliance claims are extensive, but regulator exams, findings, consent orders, complaints, SAR/AML history, and sanctions-screening evidence are not public.
| category | public evidence | verification status | diligence request |
|---|---|---|---|
| Licensing and registrations | Company licenses page lists multi-jurisdiction registrations and state licenses. | partially_verified | Regulator confirmations, license conditions, exams, renewals, complaints. |
| Security/compliance controls | Security page and developer docs describe encryption, SAST, bug bounty, KYC, fraud, compliance. | partially_verified | SOC/ISO/PCI reports, pen tests, incidents, AML/sanctions/KYC audits. |
| Material contracts | Payment and wallet dependencies visible; contracts private. | not_publicly_verifiable | Bank/processor/card/app-store/wallet/KYC/cloud/customer contracts and change-of-control consents. |
| Insurance | No public policy schedule. | not_publicly_verifiable | Cyber, D&O, E&O, crime, professional liability, bonds, exclusions, claims history. |
| ID | Claim | Status | Sources |
|---|---|---|---|
| EC-001 | The public unicorn-table seed listed MoonPay as a current U.S. cryptocurrency unicorn valued at US$3.4B in November 2021. | partially verified medium | SRC-001 |
| EC-002 | CNBC reported MoonPay raised US$555M in its first financing round, led by Tiger Global and Coatue, at a US$3.4B valuation. | verified high | SRC-002 |
| EC-003 | MoonPay Inc filed a 2021 Form D for a US$405.1M equity offering with US$385.1M sold, 15 investors, revenue declined to disclose, and SAFE conversion disclosure. | verified high | SRC-004 |
| EC-004 | SEC submissions show MoonPay Inc filed additional private Form D notices through 2025, including a 2025-07-01 Form D for US$17.237M sold. | verified high | SRC-003SRC-005 |
| EC-005 | MoonPay company pages present active consumer crypto products and high-scale account/geography claims. | partially verified medium | SRC-006 |
| EC-006 | MoonPay describes its business offering as a unified payments platform with 10B+ volume, 35M+ verified accounts, 500+ ecosystem partners, 180+ countries, and 170+ payment methods. | partially verified medium | SRC-008 |
| EC-007 | MoonPay developer documentation states partners can add fiat-to-crypto without rebuilding payments, KYC, and compliance via hosted widget or platform APIs. | verified medium | SRC-009 |
| EC-008 | MoonPay lists registrations or licenses with FCA, FinCEN, FINTRAC, AUSTRAC, AFM, JFSC, numerous U.S. states, and New York virtual currency business activity authority. | partially verified medium | SRC-010 |
| EC-009 | MoonPay publicly describes security controls including TLS 1.2+, AES-256 encryption at rest, ISO27001/PCI DSS compliant storage infrastructure, code review/SAST, managed employee devices, and HackerOne bug bounty. | partially verified medium | SRC-011 |
| EC-010 | MoonPay about page states it simplifies buying, selling, and trading crypto; claims nearly 30M customers and nearly 500 companies; identifies Ivan Soto-Wright as CEO & Founder. | partially verified medium | SRC-007 |
| EC-011 | MoonPay newsroom/changelog shows ongoing product expansion and acquisition activity in Trade, Headless Onramps, Dawn, DFlow, Sodot, stablecoin initiatives, wallet/account features, and payments infrastructure. | partially verified medium | SRC-014SRC-015 |
| EC-012 | MoonPay had 20 public Lever job postings across compliance, data, finance, marketing, operations, fraud/trust, people, IT, and security roles in multiple countries/locations. | verified medium | SRC-012SRC-013 |
| EC-013 | CourtListener indexes public federal cases naming MoonPay or MoonPay USA LLC, including terminated and pending cases. | partially verified medium | SRC-016 |
| EC-014 | Recent SEC Form D filings list Ivan Soto-Wright and Asiff Hirji as executive officers/directors and Maximilian Crown as a director or executive/director depending on filing date. | verified high | SRC-005 |
| EC-015 | Google Play listing describes MoonPay app functions including buy/sell/swap, 170+ coins, 2,000+ crypto pairs, MoonPay Balance, zero-fee swaps, multiple payment options, and wallet ecosystem references. | partially verified medium | SRC-022 |
| EC-016 | Stripe, Coinbase, Transak, and Ramp Network publicly offer overlapping fiat-to-crypto/on-off ramp, payment, or wallet funding capabilities. | verified medium | SRC-017SRC-018SRC-019SRC-020 |
| EC-017 | Public-company crypto filings identify market, sentiment, macroeconomic, illicit-finance, and regulation risks relevant to MoonPay’s operating environment. | verified high | SRC-021 |
| EC-018 | MoonPay’s consumer reputation surface is high-volume and potentially mixed: company pages cite over 100,000 reviews/TrustScore while app-store and court-search data show public feedback and litigation channels that require sampling. | inconclusive medium | SRC-006SRC-016SRC-022SRC-023 |
| EC-019 | MoonPay payment and distribution depend on third-party rails and platforms including cards, Apple Pay, Google Pay, PayPal, Venmo, bank transfers, local methods, wallet partners, app stores, and partner integrations. | verified medium | SRC-006SRC-008SRC-015SRC-022 |
| EC-020 | MoonPay public sources disclose partner counts and wallet/ecosystem references but not revenue concentration, top-customer contribution, churn, NRR, or contract terms. | not publicly verifiable low | SRC-006SRC-007SRC-008SRC-022 |
| EC-021 | Private financial statements, forecasts, unit economics, insurance, compensation, and detailed contracts are not publicly verifiable for MoonPay. | not publicly verifiable low | SRC-003SRC-004SRC-005 |
| EC-022 | Public IP diligence could verify active brand/product use but not a complete patent, trademark, copyright, open-source, or IP-assignment schedule. | not publicly verifiable low | SRC-006SRC-007SRC-022 |
| EC-023 | No public evidence in the reviewed sources showed that MoonPay had IPO’d, been acquired, or stopped operating; reviewed evidence instead showed private SEC Form D filings, active public pages, product updates, and hiring. | verified medium | SRC-003SRC-005SRC-006SRC-012SRC-013SRC-014 |
| EC-024 | Public MoonPay scale claims need definition reconciliation because sources cite both 35M+ verified accounts and nearly 30M customers. | partially verified medium | SRC-006SRC-007SRC-008 |
| EC-025 | Public review found no complete public source for insurance, compensation, or customer contracts. | not publicly verifiable low | SRC-003SRC-006SRC-016 |
| EC-026 | MoonPay remains a private operating company for report eligibility based on the absence of public-company reporting and presence of active private filings and operations signals. | verified medium | SRC-003SRC-005SRC-006SRC-013SRC-014 |
This report is a public-evidence diligence snapshot, not investment advice. Important financial, legal, technical, and contractual facts remain non-public and should be verified directly with management and primary documents before any investment decision.