Announcing Magic’s $52M Strategic Funding Round led by PayPal Ventures

Sean Li · May 31, 2023
Announcing Magic’s $52M Strategic Funding Round led by PayPal Ventures

Today marks a monumental milestone for Magic as we announce that we have closed our strategic funding round with $52 million, amidst one of the most tumultuous macroeconomic environments. The round was led by PayPal Ventures, with participation from Cherubic, Synchrony, KX, Northzone, and Volt Capital. This investment brings our total raised capital to over $80 million, reinforcing Magic's position as an industry leading wallet-as-a-service (WaaS) provider.

Since launching in 2018, we have witnessed a steady increase in web3 use-cases among large enterprises across a wide variety of verticals. Global brands have realized the potential of blockchain beyond crypto and are utilizing it to engage with their customers and monetize the experience in new ways. Magic is working closely with Fortune 500 companies to bring their web3 use cases to everyday users.

Our mission is to give a wallet to every internet user. This will help realize the full potential of web3 and ignite new economic opportunities by enabling authentic digital ownership for everyone. With this new funding, we’re focused on expanding functionality and enabling new use cases to continue delivering more value to our customers. We also look forward to significantly growing our adoption within the EU and APAC.

At Magic, we are making web3 accessible to the mainstream audience as the WaaS provider for companies seeking secure and easy solutions to onboard their customers to web3, while abstracting away complex blockchain concepts and making the experience indistinguishable from web2. Our seamless and enterprise-grade WaaS solution simplifies web3 migration, enabling businesses to explore lucrative opportunities in customer loyalty programs, digital collectibles, employee recognition, ticketing, memberships, and more. Trusted by brands across various industries, including Mattel, Macy's, Xsolla, Immutable, and many others, Magic has set itself apart from other WaaS providers with our: 

  • Patented delegated key management system technology, which allows for unparalleled scalability and provides users with complete control over their assets

  • Enterprise-ready features and SOC2 Type 2, CCPA, GDPR, HIPAA, ISO compliance 

  • End-to-end web3 onboarding features including authentication, fiat onramps, NFT Minting and NFT Checkout

In Alan Du, Partner at Paypal Ventures’ words, “Mass adoption of web3 is a hot topic, and Magic is facilitating this with a safe and simple solution. Magic’s wallet creation service allows companies to reach millions of users on their apps and onboard customers who are new to web3. We’re proud to be investing in Magic and believe the company will help drive the growing number of web3 use-cases amongst global brands.”

To date, Magic has created more than 20 million unique wallets and is used by over 130,000 developers. We are proud of the progress we have made in enabling web3 mass adoption by eliminating onboarding challenges, and this latest funding round provides us with additional resources to continue our mission. Magic is committed to delivering top-notch solutions that empower businesses and developers to harness the vast and novel use cases of web3. We are incredibly grateful for the opportunity to be the foundational infrastructure that powers the web3 revolution. As we continue to grow, we look forward to further partnerships, innovation, and expanding our global footprint.

To learn more about Magic’s end-to-end web3 onboarding services, visit our website or contact our team. For those who want to join our mission and help shape the future of web3, we invite you to apply to our open positions.

About Magic

Magic is a wallet-as-a-service provider that helps businesses onboard users into web3 with instant non-custodial wallet creation. It uses email or social logins, while removing the need for seed phrases and browser extensions - making it indistinguishable from standard web2 experiences that everyday users are accustomed to. Magic offers features for end-to-end web3 onboarding including authentication, fiat onramps, NFT Minting and NFT Checkout. Its solutions are trusted by top brands in web2 and web3, including Mattel, Macy’s, Xsolla, Immutable, and more. To date, Magic has created 20M+ wallets and is used by 130K+ developers.

Let's make some magic!
Announcing Magic’s $52M Strategic Funding Round led by PayPal Ventures