Cryptocurrency payment startup Ramp has raised $70 million during the Series B round of funding. The investment closely follows the previous $53 million Series A round less than a year ago. UAE’s Mubadala Capital and France’s Korelya Capital co-led the round, Sifted reports.
- Founded in 2017 by Szymon Sypniewicz and Przemek Kowalczyk, Ramp is now based in Warsaw and London. The startup builds crypto payments infrastructure that allows users to exchange fiat currency for cryptocurrencies easily — the so-called on-ramping, as well as to pay using crypto.
- The solution integrates with the world’s major payment methods, including debit and credit cards, bank transfers, Apple Pay and Google Pay, and is available to users in more than 150 countries.
“Our goal is to keep building infrastructure to make Web3 easy and accessible. Despite current market conditions, we see a growing trend of web2 companies looking to move into Web3 and we’re positioned to help them through this transformation,”
Szymon Sypniewicz, CEO of Ramp, comments.
- The Emirati VC Mubadala Capital and the French VC Korelya Capital are the lead investors this round. An existing investor Balderton Capital and a Polish VC Cogito Capital also participated.
- In December 2021, Ramp closed a record-breaking $53 million Series A round. In total, the company raised more than $120 million in less than 12 months. Furthermore, it has generated an almost 240% increase in transaction volumes and got over 600% unique users during 2022.
- The fresh funding will allow Ramp to make its product more accessible to more people, expanding to more markets international. The startup is also hiring: it has increased the number of employees seven-fold in the last year, to more than 200 today.
