Oobit raises $25m Series A Funding led by Tether to propel crypto payments

By Gloria Mathias

Oobit, a Singapore-based FinTech startup has announced that it has raised $25 million in a Series A funding round led by Tether, a cryptocurrency software company.

The Series A funding round has concluded with $25 million raised for Oobit’s ongoing development, supporting its goal of mainstream cryptocurrency adoption. This aligns with Tether’s vision of a financially inclusive world.

The round saw significant participation from industry leaders and strategic investors. Notable contributors include CMCC Global’s Titan Fund, 468 Capital, and Anatoly Yakovenko, Co-founder of Solana.

Oobit’s mobile payment app empowers crypto holders to Tap & Pay at over 100 million retailers worldwide, accepting Visa and Mastercard. This seamless integration allows merchants to effortlessly embrace digital assets as a form of payment, providing customers with a convenient way to use their digital assets for transactions.

In the pipeline, future updates to Oobit will enable customers to make crypto payments while ensuring that merchants seamlessly receive fiat currency in return, mirroring the simplicity of customers paying with a credit card.

“Tether’s strategic investment in Oobit underscores our unwavering dedication to welcoming new users into the cryptocurrency ecosystem,” said Paolo Ardoino, CEO of Tether. “Our support is founded on a mutual vision to drive the widespread adoption of cryptocurrencies on a global scale. Oobit, in our perspective, stands as a catalyst, breaking down barriers and facilitating frictionless transactions for crypto holders worldwide.”

The Oobit app is available on the Apple App Store and Google Play and can relate to Oobit’s native blockchain wallet to enable payments via Tether, Bitcoin, and other digital assets.

Oobit is a fast-growing FinTech startup that services people who are focused on gaining more freedom with their money. The FinTech has built a robust ecosystem that allows consumers to pay with crypto anytime and anywhere on the existing VISA / MasterCard POS terminals. While consumers pay with crypto, the merchants receive fiat money settlements the very same way as all other credit card payments.