Magic Raises $52 Million in Strategic Funding Round with PayPal Ventures

Magic, a prominent wallet-as-a-service (WaaS) provider, has announced a successful strategic funding round raising $52 million, with PayPal Ventures leading the investment and involvement from other investors namely Cherubic, Synchrony, KX, Northzone, and Volt Capital. With this funding round, the total amount raised by Magic has exceeded $80 million. Magic’s crucial role in enabling web3 mass adoption as the go-to WaaS provider, aims to provide safe and uncomplicated solutions for businesses to comfortably shift their customer base to the web3 sector. This migration presents new avenues for profitable opportunities spanning digital collectibles, customer loyalty programs, employee recognition programs, ticketing, memberships, among others. Notable clients of Magic span key sectors such as fashion, gaming, retail, and music including Macy’s, Mattel, Immutable, Xsolla, and more.