Phantom announced today that it has received $150 million in Series C funding and intends to become the world’s largest consumer finance platform.
The company plans to meet this ambitious challenge by making more buyouts and direct acquisitions of smaller companies, strengthening its infrastructure and security.
Phantom Wallet’s latest funding round
Phantom Wallet, a non-custodial wallet widely used in the Solana ecosystem, has already used large fundraising to set ambitious goals. About a year after its launch, the company received a $109 million cash infusion and used it to continue its multi-chain strategy.
Phantom continues to expand it, adding SUI last month, and is now setting a more ambitious goal.
“Our mission has always been to make cryptography more accessible, intuitive and secure for everyone. This latest round of funding allows us to further invest in innovation and ultimately modernize consumer credit,” said co-founder and CEO Brandon Millman.
In short, Phantom Wallet wants to use this round of funding to take on traditional financial institutions (TradFi). Specifically, it will use the latest funding to scale up its strategic partnerships and outright acquisitions.
Its most recent acquisitions have played a “central role” in building new infrastructure and security, and Phantom wants to go further.
Earlier this month, the CEO of FalconX predicted a wave of consolidation in the crypto sector due to favorable market conditions. This plan certainly fits that trend.
Phantom has received as much funding this round as some of the biggest investments in 2024, and its backers include prominent names like a16z. The platform’s revenue also grew sustainably throughout last year.
Although Phantom has set ambitious goals, a single successful funding round may not solve all of Phantom’s challenges. Last August, the company came under fire after a widespread glitch showed incorrect balances on user accounts.
Less than two months later, he faced another major technical issue, which greatly contributed to the community’s frustration.
Ultimately, there are still no concrete details on how Phantom would spend that $150 million in funding. Its most specific stated goals are to accelerate crypto adoption and take on TradFi.
In the short term, Phantom wants to start with social discovery features to attract new users and simplified peer-to-peer payments.
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