Magic, the leading wallet-as-a-service (WaaS) provider, today announced it has raised $52 million in a strategic funding round led by PayPal Ventures, with participation from Cherubic, Synchrony, KX, Northzone, and Volt Capital. The new round brings the total raised to more than $80M.
Magic provides secure, seamless, and near-instant non-custodial wallet creation. Once Magic's SDK is implemented in a vendor's code base, wallets can be instantaneously user-created through existing email, social, SMS, or federated logins.
The company aims to facilitate web3 mass adoption by providing an easy solution for companies looking to migrate their customers to web3. Magic's clients include well-known brands in retail, music, fashion, and gaming, such as Mattel, Macy's, Xsolla, and Immutable.
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