MoonPay plans to expand in London with flagship office in Spitalfields
MoonPay announced that the company is expanding in the United Kingdom (UK) with its flagship office in Spitalfields.
Hello, London!
— MoonPay 🟣 (@moonpay) July 11, 2024
🇬🇧 We've just opened MoonPay's flagship office in Spitalfields
📈 We're hiring UK engineers and compliance pros to help grow the crypto economy
📰 Thank you to @emilyjnicolle and @business for sharing the news: https://t.co/Ct4bdXWBpA pic.twitter.com/UPozUlyE1i
According to a report by Bloomberg, MoonPay, a United States cryptocurrency payments company, is growing in the UK and intends to hire more than 20 employees after establishing its first office there.
The Spitalfields office of the company will employ over 100 people, according to Chief Executive Officer Ivan Soto-Wright, who made this announcement in an interview. Currently, the company has about 80 employees in the UK, and the company's largest market is the US, followed by the UK.
In a tweet on X (formerly known as Twitter), the CEO posted that London is where I began my career, and I will always consider it to be the undisputed fintech capital in the world. He added that it is an obvious area for us to expand MoonPay globally, as he looks forward to the next chapter.
MoonPay primarily plans to hire compliance staff and engineers in the UK, according to Soto-Wright, who also mentioned that the UK is attractive due to its easy access to skilled talent and friendly regulations.
Soto-Wright further explained why the company cited the UK’s talent density for its expansion in London. He claimed that the talent density is very high in the United Kingdom. It's challenging to find consistently excellent product and engineering talent abroad, Soto-Wright said.
In its most recent funding round in November 2021, the company—whose software facilitates investors' switching between fiat currencies and crypto assets—was valued at $3.4 billion.
In order to offer fiat-currency account services without the need for a middleman, MoonPay is submitting an application for a license to handle electronic money in the UK. Soto-Wright stated he is searching for mergers and acquisitions (M&A) opportunities even though the company does not currently have any plans to raise additional capital. Early in the year, MoonPay achieved positive cash flow.
In addition to other fintech companies that have been expanding in London, it was also reported that Stripe Inc. established a new office in the city in May this year.
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