Fomo Acquires Mobula Technology in $17M Deal

Crypto trading platform Fomo has acquired Mobula's technology and intellectual property in a reported $17 million deal. The company announced the transaction on LinkedIn, stating the move will allow it to own and improve critical infrastructure as its platform scales.

Fomo said the acquisition brings Mobula's engineering expertise in-house, reducing reliance on external infrastructure. The company also welcomed Mobula founders Sacha Marcus and Sacha Delhoux to its team. Fomo is approaching two million users, with daily spot trading volume nearing $250 million. If that daily level is maintained, the platform is on pace for roughly $7.5 billion in spot volume over a 30-day period.

The growth in user base and trading activity has increased the demand for underlying systems capable of handling larger amounts of market data and transactions without compromising speed or reliability. Mobula provides an on-chain data infrastructure and indexing layer that indexes blockchain data, aggregates it across networks, and normalizes it. The technology exposes this data through APIs and data feeds, allowing applications to retrieve market and wallet data without querying multiple blockchains directly.

Fomo has expanded beyond its original mobile spot-trading app to include a Web platform, perpetual futures trading, and social features. According to the company, its Web platform now accounts for around 25% of total platform volume. The addition of perpetuals gives users access to derivatives alongside existing spot products. Fomo has also introduced Clans, a feature that allows groups of traders to organize and compete together. These social tools enable users to discover assets, follow other traders, share positions, and build audiences around their trading activity.

This product expansion has changed the infrastructure requirements beneath the platform, making the acquisition of Mobula's on-chain data capabilities relevant to Fomo's plans. The deal comes just over two months after Fomo raised $75 million in a Series B funding round led by Index Ventures. Union Square Ventures and existing investor Benchmark also participated in the round, which valued Fomo at approximately $550 million.

At the time of the fundraising announcement, Fomo stated it planned to use the capital to expand into equities, perpetuals, and prediction markets while continuing to develop its social trading platform. The company has since moved beyond its initial mobile experience to incorporate these additional trading instruments and social features.