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MoonPay Plans to Expand in London, Citing UK’s ‘Talent Density’

Ivan Soto-Wright Photographer: Eva Marie Uzcategui/Bloomberg (Eva Marie Uzcategui/Bloomberg)

(Bloomberg) -- Crypto payments company MoonPay is expanding in the UK, with plans to add more than 20 people in the country after opening its first office there. 

The US company expects to have more than 100 employees at the office in London’s Spitalfields area by next year, Chief Executive Officer Ivan Soto—Wright said in an interview. MoonPay has about 80 staff in the UK now. 

MoonPay will mainly hire engineers and compliance staff, Soto-Wright said, adding that friendly regulations and easy access to skilled talent are some of the UK’s main draws. The company, whose software helps investors switch between fiat currencies and cryptoassets, was valued at $3.4 billion in its most recent funding round in November 2021. 

“The talent density is super high” in the UK, Soto-Wright said. “It’s hard to get consistently good product and engineering talent in other parts of the world.”

MoonPay is applying for an electronic money license in the UK, which would allow it to provide fiat-currency account services without the need for an intermediary. While the company has no plans to raise more money any time soon, Soto-Wright said he’s on the lookout for M&A opportunities. MoonPay became cash-flow positive earlier this year. 

Other fintech companies have also been expanding in London, including Stripe Inc. which opened a new office in the City in May. The UK is MoonPay’s second-largest market after the US. 

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