Crypto Payments App Oobit Raises $25M in Series A Funding Round Led by Tether

Mobile payments app Oobit raised $25 million in a Series A funding round, the company said Monday.

The round was led by the investment arm of Tether, CMCC Global’s Titan Fund, 468 Capital and Solana co-founder Anatoly Yakovenko. A spokeswoman for the Singapore-based company declined to say how much the investment valued the company.

Consumers can use the Oobit app to pay for purchases using crypto, while merchants receive fiat currency. The tap-and-pay feature helps make crypto payments more accessible, as users can pay at any point of sale that accepts Visa (V) or MasterCard (MA) using funds from their Oobit wallet.

The firm is planning to open up the capability to third-party wallets, which will transition Oobit into a non-custodial crypto payments app, it said.

"We have several partnerships in the pipeline that will be announced in the coming months," the spokeswoman said in an email.

The company joins the growing ranks of crypto firms working with traditional finance (TradFi) companies to offer consumers more efficient ways of using their crypto holdings to pay for goods. Last week, Web3 payments infrastructure provider Transack said it joined Visa Direct, making it easier for its users to convert their crypto holdings into fiat currency.

"With the backing of industry leaders, this funding round marks a pivotal moment for Oobit, propelling us forward in our mission to allow a simple way to pay with digital assets anywhere." Amram Adar, Oobit’s co-founder and CEO, said in a statement.

Read more: Oobit Co-Founder Aims to ‘Bridge the Gap Between Web3 and DeFi’ to Traditional Payments