“Can MoonPay expand from a consumer crypto on-ramp into the full-stack payments and infrastructure layer that banks, fintechs, and crypto platforms use to move money between fiat and digital assets globally?”
Founded in 2019 as a consumer crypto on-ramp, MoonPay's core business was enabling fiat-to-crypto purchases for retail users through a simple widget embedded by crypto wallets and platforms. From 2022 onward, MoonPay shifted focus toward becoming a B2B payments infrastructure provider for the crypto economy, expanding into white-label embedded balance solutions, virtual accounts, and stablecoin infrastructure via the acquisition of Iron. In 2025–2026, with the acquisition of Decent and launch of MoonPay Trade, MoonPay pivoted again from a pure on-ramp into a full institutional crypto infrastructure layer, covering DeFi, tokenized assets, and 200+ blockchains for banks, fintechs, and asset managers.
Moonpay discloses Iron (in-house) as its banking provider, according to the Embedded Finance Index 2026.
Moonpay does not disclose a bank charter of its own; its banking services are provided through Iron (in-house).
Moonpay processes payments through Checkout.com and MoonPay Payments (self-operated). Disclosed money-movement rails: ACH.
Moonpay's crypto products run on Iron (in-house) and Decent (in-house).
The Embedded Finance Index 2026 maps 5 layers in Moonpay's stack: Payments / PSP (Checkout.com and MoonPay Payments (self-operated)); Money movement (ACH); Banking / BaaS (Iron (in-house)); Lending ($200M revolving credit line (from Galaxy, for MoonPay operations)); Crypto (Iron (in-house) and Decent (in-house)).
Moonpay is founded in 2019 and headquartered in Dover, Delaware, United States.
Moonpay has raised $1.3B in total (latest round: Debt Financing, 2025).
Get a read on where your own stack stands against Moonpay and the rest of its category — what they built versus bought, which providers they use, and where the gaps in your own strategy and competitive set actually are.