FOMO Labs Inc. expands social finance network following $4 billion trading milestone

FOMO Labs Inc., operator of the social trading and discovery platform fomo, is expanding its global social finance network. The company reported exceeding $4 billion in trading volume, 625,000 users, and more than 110 million unique social interactions since its launch.

The platform aims to combine financial discovery with a social network, allowing users to inspect trader activity and the reasoning behind specific trades. The company has clarified that its service is intended for information purposes and is distinct from automatic trade copying.

Significant institutional backing includes a $75 million Series B funding round led by Index Ventures, with additional investment from Union Square Ventures. While the company reports high engagement and a 4.8 US App Store rating, some online discussions and unclaimed review profiles have raised questions regarding the user experience.